Hong Kong shares slip as China Mobile declines
(AP)
Updated: 2006-05-24 21:12
Hong Kong shares declined Wednesday in mixed trading with losses led by China
Mobile, as investors remained cautious following the recent slump in Asian
markets.
The blue-chip Hang Seng Index fell 41.92 points, or 0.26 percent, to
15,822.64. The Hang Seng rose 0.37 percent Tuesday after plunging 3.1 percent
Monday to 15,805.52, below the psychological 16,000 level.
"The stock market was directionless," said Kenny Tang, associate director of
Tung Tai Securities.
Investors are cautious of a further market retreat after the Hang Seng fell
below the 16,000-level, and continuing concerns about the U.S. interest rate
outlook also weighed on traders, Tang said.
China Mobile (Hong Kong) Ltd. dropped 1.7 percent to HK$40.30, and Chinese
computer maker Lenovo Group Ltd. fell 1.9 percent to HK$2.55 a day before it was
due to announce annual results.
Shipping and port operator COSCO Pacific Ltd. lost 1.9 percent, finishing at
HK$15.60.
Bucking the trend, Yue Yuen Industrial (Holdings) Ltd., a major shoe maker,
surged 5.3 percent to HK$21.75. Bank HSBC Holdings PLC edged up 0.2 percent to
HK$134.70.
|
