Roundup: Hong Kong stocks close 1.23 pct lower

Hong Kong stocks dropped 257.09 points, or 1.23 percent, to close on Monday at 20,583.52 points.

The benchmark Hang Seng Index traded between 20,579.93 and 21, 056.39. Turnover totaled 67.19 billion HK dollars (8.67 billion U. S. dollars), down from 69.33 billion HK dollars the previous trading day.

Three of the four sub-indices lost ground, with the Finance sub- index dropping the most by 1.42 percent, followed by the Commerce and Industry down 1.25 percent and the Properties 0.98 percent, while the Utilities rose 0.04 percent.

Blue-chips were broadly lower. Galaxy Entertainment Group Ltd. lost 5.09 percent to close at 22.4 HK dollars. Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, slid 2.02 percent to 58.2 HK dollars, and its local unit Hang Seng Bank fell 0.15 percent to 137.3 HK dollars. Local bourse operator HKEX went down 0.46 percent at 175.1 HK dollars.

Local developers Hang Lung Properties fell 2.41 percent to 17 HK dollars. SHK Properties, another major developer in Hong Kong, dropped 0.85 percent to 93.85 HK dollars, and Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka- shing, retreated 0.98 percent to 101 HK dollars.

As for mainland-based financial stocks, China Construction Bank, the country's second largest bank which accounts for the third largest weighting of the Hang Seng Index, closed 1.56 percent lower at 5.06 HK dollars. ICBC, the world's largest bank by market value, ended at 4.33 HK dollars, down 1.59 percent. Bank of China dropped 1.81 percent to 3.26 HK dollars.

Energy shares posted weak performances. PetroChina, the country 's largest oil and gas producer, fell 0.69 percent to 5.77 HK dollars. Sinopec, the nation's top oil refiner, lost 1.25 percent to end at 4.75 HK dollars. (1 U.S. dollar equals 7.75 HK dollars) Endi