AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Hong Kong stocks piled on more losses on Friday, adding to the last session's sell-off, as investors remained on edge following more bad news about credit markets, while top Asian oil refiner Sinopec Corp sank on record crude prices.
China plays hit near two-month lows as investors now fear heavyweight Sinopec may face losses hit by a double blow of high input prices and government caps on prices of some refined products. But Hongkong Electric hit a record high, leading the surge in Hong Kong utilities as investors sought safe havens.
Overnight gains on Wall Street boosted the market early in the session, the rise eventually evaporated in volatile trade. "It's a lack of confidence in the rally in the US overnight, inspired by the S&P, who were complicit in the whole mess, giving triple A ratings to terrible debts," said Matt McKeith, head of equity dealing at First State Investments.
The benchmark Hang Seng Index closed down 0.3 percent, or 64.5 points, at 22,237.11 for a weekly loss of 1.2 percent. The China Enterprises index of H shares, or Hong Kong-listed shares in mainland companies, slid 1.7 percent, or 202.64 points, to 11,891.42, earlier hitting its lowest level since January 22. For the week, the index fell 5.7 percent, the worst weekly performance since mid-December. Mainboard turnover was HK$88.3 billion (US11.3 billion) compared to Thursday's HK$106.8 billion.
The US rallied on Thursday after Standard & Poor's said write-downs for large financial firms were likely past the halfway mark. The dollar fell back towards a 12-year low versus the yen on Friday as investors feared US credit troubles would worsen and its economy would slow further.
Also, an affiliate of US-based buyout firm Carlyle Group has defaulted on about $16.6 billion of debt and expects its lenders to seize remaining assets as the global credit crunch tightens around leveraged investors. Sinopec sank 4.6 percent to HK$6.68. Beijing has imposed price freezes on refined oil products, even as crude topped $110. China is seeking to rein in inflation, which in February hit near-12-year highs.
On Thursday, Sinopec denied a newspaper report which said it would probably make a loss in the first half of this year. China Railway Construction fell 6.7 percent to HK$11.2 as investors sought to book the first-day gains of its highly anticipated but ultimately disappointing debut. Among utilities, Hongkong Electric jumped 6 percent to HK$49.3. The stock has gained nearly 15 percent in the span of a week as investors turn risk averse. HK Gas and Electric leapt 4.1 percent to HK$22.7.
Worries about further China tightening sent mainland property developers down. China Overseas Land and Investment tumbled 5.2 percent to HK$11.64 in heavy trade. Guangzhou R&F Properties Co Ltd slid 5 percent to HK$17.60.

Copyright Reuters, 2008

Comments

Comments are closed.