HK stocks plummet 5.49% in worst day-slump since 2001

Updated: 2008-01-21 20:06

Hong Kong -- Hong Kong stocks nose-dived 1,383.01 points, or 5.49 percent, to close at 23,818.46 on Monday, the worst single-day slump since September 11, 2001.

The market was shattered by the slump of the stock markets in Asia and on the Chinese mainland as the market remained skeptical of the economic stimulus package by the White House to avoid recession in the United States.

The blue-chip Hang Seng Index dropped as much as 3.1 percent in the early session, and was down 714.6 points or 2.84 percent, at 24,487.27 by midday and then it widened its losses below the psychological 24,000 level in the afternoon following the slumps of stock markets in Asia. The index plummeted as much as 1,431.74 points, or 5.68 percent, before close at 23,818.46.

Turnover fell to HK$117.51 billion (US$15.06 billion) from Friday's HK$127.36 billion (US$16.34 billion).

All the 43 components of the benchmark Hang Seng Index fell.

China Mobile, the market's largest stock measured by capitalization and the country's largest mobile phone operator, lost 4.31 percent to HK$117.7, dampening the index by 140. 84 points alone.

Another heavyweight HSBC, the city's largest bank, fell 4.05 percent to HK$113.6, dragging down the index by 151.59.

Hong Kong Exchange and Clearing Ltd., the market's sole operator, moved down 5.91 percent to HK$173.4.

China's banking and insurers were under great pressure of panic selling. China Life, the largest life insurer in China, slumped 9. 5 percent to HK$32.85, shattering the index by 113.52 points.

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