HK stocks end 1.2% lower

HONG KONG -- Hong Kong stocks fell 1.2 percent on Thursday. The benchmark Hang Seng index closed down 250.99 points to end at 20,590.92 points, after trading between 20,578. 56 and 20,816.77. Turnover totaled HK$52.67 billion (about $6.80 billion).

The Hang Seng China Enterprises Index fell 141.15 points, or 1.43 percent, to close at 9,707.91.

Three sub-indices lost ground, with the Properties sub-index falling the most by 1.90 percent, followed by the Commerce and Industry 1.52 percent and the Finance 0.96 percent. The Utility rose 0.32 percent.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, fell 0.5 percent to HK$73.50, while its local unit Hang Seng Bank ended 0.8 percent lower at HK$116.20. Bank of East Asia, another Hong Kong's major bank, closed down 0.5 percent to HK$29.20. Local bourse operator HKEX slid 2.5 percent to HK$118.70.

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, lost 1.1 percent at HK$5.24. ICBC, the world's largest bank by market value, decreased 0.9 percent at HK$4.51. Bank of China was down 0.7 percent to HK$2.95. Bank of Communications, China's fifth biggest lender measured by assets, retreated 2.3 percent at HK$5.17.

Local developers Hang Lung Properties fell 2.0 percent to HK$27.20. Henderson Land, another major developer in Hong Kong, dropped 3.5 percent to HK$52.75, and Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, declined 1.7 percent to HK$112.90.

As for energy stocks, China's top refiner Sinopec ended down 0.8 percent to HK$7.12. PetroChina, the country's largest oil and gas producer, moved down 1.8 percent to HK$10.04.