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Roundup: HK stocks close down 0.64 pct

Xinhua, February 9, 2015 Adjust font size:

Hong Kong stocks dropped 158.39 points, or 0.64 percent, to close at 24,521 on Monday, after the benchmark Hang Seng Index trading between 24,657.87 and 24,449.48. Turnover totaled 67.24 billion HK dollars (8.7 billion U.S. dollars).

Addressing a luncheon on Monday, Hong Kong's Chief Executive Leung Chun-ying said the Chinese mainland would announce the details for Guangdong Free Trade Zone (FTZ) in the coming few weeks.

Leung believed the FTZ could provide business opportunities for local enterprises. He also expected the Shenzhen-Hong Kong Stock Connect would be launched in the second half of 2015.

The Hang Seng China Enterprises Index ended slightly down 49.9 points, or 0.43 percent, to close at 11,647.42 points.

All of the four sub-indices lost ground. The Properties and Commerce & Industry sub-indices dropped 0.95 percent and 1.04 percent respectively. The Utilities and Finance slid 0.26 percent and 0.27 percent respectively.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, closed down 0.07 percent to 72.8 HK dollars, and its local unit Hang Seng Bank lost 0.35 percent to 143.2 HK dollars. Local bourse operator HKEX lost 0.39 percent at 177 HK dollars.

Blue chips led the drop, with Want Want China down 3.38 percent to 8.57 HK dollars and Galaxy Entertainment 2.9 percent lower to 41.75 HK dollars.

Local developers Hang Lung Properties dropped 2 percent to 22 HK dollars. Sun Hung Kai Properties, another major developer in Hong Kong, slid 1.28 percent to 123.2 HK dollars, and Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, lost 1.07 percent to 148.5 HK dollars.

Banks also retreated. Bank of China lost 1.39 percent to 4.27 HK dollars. Industrial and Commercial Bank of China dropped 1.25 percent to 5.54 HK dollars.

Bucking the trend, Lenovo Group Limited rose 3.13 percent to 11. 86 HK dollars. China Overseas Land & Investment Limited gained 2.4 percent to 23.5 HK dollars. Endi