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Feb. 10, 2011, 4:23 a.m. EST

Hong Kong stocks end session 2% lower

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By V. Phani Kumar, MarketWatch , Colin Ng and Puja Rajeev

HONG KONG (MarketWatch) — Hong Kong shares fell Thursday on concerns about Chinese policy tightening and amid a selloff in energy stocks after a decline in crude-oil prices.

Chinese shares rebounded from the previous day’s losses, with automobile stocks soaring on strong January sales, and as banks attracted buyers on hopes rate increases may improve incomes.

The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.10%  index added 1.6%, while Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.05%  gained 0.2%.

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Many other markets declined, however, with Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.29%  shedding 2% to take losses into a fourth straight session.

The Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.36%  slipped 0.1% in Tokyo, the Kospi fell 1.8% in Seoul and the Taiex slid 1.9% in Taipei, while the Sensex  gave up 0.1% in Mumbai afternoon trading.

Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.17%  futures were down 26 points in screen trade.

“Currently, the correlation between mainland Chinese markets and Hong Kong seems to be very low,” said Linus Yip, strategist at First Shanghai Securities. “Funds are flowing out of Asia and [the trend] seems to be accelerating …That is doing some damage in Hong Kong,” said Yip.

Leading the decline in Hong Kong, shares of Bank of East Asia /zigman2/quotes/200493903/delayed HK:23 -0.86%   /zigman2/quotes/208752465/composite BKEAY +0.68%  fell 3.6% and conglomerate Hutchison Whampoa /zigman2/quotes/203034716/delayed HK:13 -1.55%   skidded 3.6%.

Energy-sector shares also skidded after crude-oil prices fell overnight in New York, with PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 0.00%   /zigman2/quotes/205108732/composite PTR -0.94%  falling 3% and Cnooc /zigman2/quotes/203421416/delayed HK:883 +0.65%   shedding 1.8%.

In Shanghai, meanwhile, the market rebounded after a lower opening.

Guodu Securities analyst Zhang Xiang said: “Investors remain cautious on expectations that consumer-goods prices will stay at high levels in the first half.”

Automobile shares led the gains after some companies announced strong January sales numbers and General Motors Co. /zigman2/quotes/205226835/composite GM -2.15%  said Wednesday that its January sales in China rose 22% from a year earlier to a record 268,071 vehicles.

Shares of SAIC Motor Corp. /zigman2/quotes/201442870/delayed CN:600104 -1.27%  jumped by the day’s 10% limit in Shanghai, while FAW Car Co. /zigman2/quotes/200328702/delayed CN:000800 +0.09%  soared 8.6% in Shenzhen.

Banks and insurance companies advanced. China Construction Bank Corp. /zigman2/quotes/207732534/composite CICHY +1.72%   /zigman2/quotes/208058581/delayed CN:601939 +0.86%  gained 1% and China Life Insurance Co. /zigman2/quotes/204766889/delayed CN:601628 +0.89%   /zigman2/quotes/206573290/composite LFC -0.24%  rose 1.4%.

In Mumbai, telecommunication shares fell on fears the cost of airwaves needed for mobile services could increase.

Shares of Bharti Airtel /zigman2/quotes/204057084/delayed IN:532454 -1.68% skidded 2.1% and Idea Cellular /zigman2/quotes/209512487/delayed IN:532822 +5.68%  tumbled 4.8% in afternoon trade after India’s telecommunications regulator recommended charging operators a higher one-time fee on second-generation spectrum required for mobile services.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,603.93
-3.50 -0.10%
Volume: 35.53B
Dec. 6, 2021 2:18p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,245.10
+3.90 +0.05%
Volume: 650,193
Dec. 6, 2021 5:13p
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/zigman2/quotes/210598030/delayed
add Add to watchlist HK:HANGSENG
HK : Hong Kong Exchange
23,461.14
-305.55 -1.29%
Volume: 1.65M
Dec. 6, 2021 2:18p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
27,927.37
-102.20 -0.36%
Volume: 0.00
Dec. 6, 2021 3:00p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,580.08
-59.71 -0.17%
Volume: 444.85M
Dec. 3, 2021 5:35p
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/zigman2/quotes/200493903/delayed
HK : Hong Kong
$ 11.50
-0.10 -0.86%
Volume: 287,600
Dec. 6, 2021 2:16p
P/E Ratio
8.48
Dividend Yield
5.13%
Market Cap
$33.90 billion
Rev. per Employee
$2.87M
loading...
/zigman2/quotes/208752465/composite
US : U.S.: OTC
$ 1.47
+0.01 +0.68%
Volume: 105.00
Dec. 3, 2021 11:26a
P/E Ratio
8.41
Dividend Yield
4.54%
Market Cap
$4.35 billion
Rev. per Employee
$369,605
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/zigman2/quotes/203034716/delayed
HK : Hong Kong
$ 53.95
-0.85 -1.55%
Volume: 612,500
Dec. 6, 2021 2:17p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$47.37 billion
Rev. per Employee
$1.38M
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/zigman2/quotes/204979431/delayed
HK : Hong Kong
$ 3.51
0.00 0.00%
Volume: 64.51M
Dec. 6, 2021 2:18p
P/E Ratio
6.20
Dividend Yield
7.48%
Market Cap
$1048.78 billion
Rev. per Employee
$4.65M
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/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 44.36
-0.42 -0.94%
Volume: 254,871
Dec. 3, 2021 4:00p
P/E Ratio
8.57
Dividend Yield
6.76%
Market Cap
$134.58 billion
Rev. per Employee
$583,185
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
$ 7.76
+0.05 +0.65%
Volume: 41.07M
Dec. 6, 2021 2:17p
P/E Ratio
6.11
Dividend Yield
7.09%
Market Cap
$344.23 billion
Rev. per Employee
$9.51M
loading...
/zigman2/quotes/205226835/composite
US : U.S.: NYSE
$ 59.71
-1.31 -2.15%
Volume: 19.60M
Dec. 3, 2021 4:00p
P/E Ratio
7.98
Dividend Yield
0.00%
Market Cap
$86.69 billion
Rev. per Employee
$790,226
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/zigman2/quotes/201442870/delayed
CN : China: Shanghai
¥ 20.26
-0.26 -1.27%
Volume: 27.19M
Dec. 6, 2021 2:18p
P/E Ratio
9.72
Dividend Yield
3.06%
Market Cap
¥237.08 billion
Rev. per Employee
¥3.60M
loading...
/zigman2/quotes/200328702/delayed
CN : China: Shenzhen
¥ 10.59
+0.01 +0.09%
Volume: 9.73M
Dec. 6, 2021 2:18p
P/E Ratio
13.68
Dividend Yield
4.72%
Market Cap
¥48.77 billion
Rev. per Employee
¥5.36M
loading...
/zigman2/quotes/207732534/composite
US : U.S.: OTC
$ 13.63
+0.23 +1.72%
Volume: 180,183
Dec. 3, 2021 3:59p
P/E Ratio
3.73
Dividend Yield
6.27%
Market Cap
$173.19 billion
Rev. per Employee
$488,420
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 5.86
+0.05 +0.86%
Volume: 83.68M
Dec. 6, 2021 2:18p
P/E Ratio
4.93
Dividend Yield
5.56%
Market Cap
¥1103.07 billion
Rev. per Employee
¥3.37M
loading...
/zigman2/quotes/204766889/delayed
CN : China: Shanghai
¥ 29.55
+0.26 +0.89%
Volume: 11.39M
Dec. 6, 2021 2:18p
P/E Ratio
16.23
Dividend Yield
2.17%
Market Cap
¥689.71 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206573290/composite
US : U.S.: NYSE
$ 8.28
-0.02 -0.24%
Volume: 2.17M
Dec. 3, 2021 4:00p
P/E Ratio
5.90
Dividend Yield
5.12%
Market Cap
$108.29 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204057084/delayed
IN : India: Bombay
706.30
-12.05 -1.68%
Volume: 136,911
Dec. 6, 2021 11:58a
P/E Ratio
129.03
Dividend Yield
N/A
Market Cap
₹4224.59 billion
Rev. per Employee
₹20.70M
loading...
/zigman2/quotes/209512487/delayed
IN : India: Bombay
15.26
+0.82 +5.68%
Volume: 147.85M
Dec. 6, 2021 11:58a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
₹414.94 billion
Rev. per Employee
₹42.06M
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