Roundup: Hong Kong stocks plummet more than 3 pct

A steep fall in oil prices and a substantial devalution of the renminbi sent the benchmark Hang Seng Index sharply lower on Thursday.

The index plummeted 647.47 points, or 3.09 percent, to close at 20,333.34 points, after trading between 20,323.97 and 20,826.44.

Turnover totaled 107.2 billion HK dollars (about 13.8 billion U.S. dollars), up from 75.17 billion HK dollars the previous trading day.

The Hang Seng China Enterprises Index slid 4.2 percent, or 383.82 points, to close at 8,753.97 points.

All of the four sub-indices lost ground, with the Commerce and Industry falling the most by 3.74 percent, followed by the Finance 3.12 percent, the Properties 1.71 percent and the Utilities 0.84 percent.

Local financial shares were broadly lower. Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, declined 3.29 percent to 57.3 HK dollars.

Bank of East Asia, one of the largest local banks in Hong Kong, fell 3.2 percent to close at 25.7 HK dollars.

Local bourse operator HKEX decreased 3.16 percent to 184.1 HK dollars.

Property developers posted lackluster performances. Sun Hung Kai, one of Hong Kong's largest property developer by market value, closed down 0.5 percent to 91.65 HK dollars. Henderson Land ended 0.97 percent lower at 45.95 HK dollars.

Mainland-based financial stocks also fell. Bank of China, the country's third-largest lender, slid 3 percent to close at 3.22 HK dollars. Bank of Communications retreated 3.9 percent to 4.95 HK dollars.

Oil majors ended lower. Sinopec, the largest oil refiner, closed 0.32 percent lower at 4.14 HK dollars. PetroChina, the country's largest oil and gas producer, fell 0.32 percent to close at 4.56 HK dollars. CNOOC edged down 0.47 percent to close at 7.55 HK dollars. (1 U.S. dollar equals to 7.75 HK dollars). Endit