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HSI Plunges 565 pts; HSCEI Tumbles 3.9%

Hang Seng Index headed south today and sank below the level of 20,000 pts. The benchmark index slumped 565 pts or 2.8% to end the day trading at 19,888. Hang Seng China Enterprises Index hit the low at 8,486 to nearly 4-year low at the later session, before finishing the day trading lower by 340 pts or 3.9% at 8,505. The market turnover amounted to $87.478 billion.

Heavyweight HSBC HOLDINGS (00005.HK)  -1.050 (-1.829%)    Short selling $543.33M; Ratio 25.733%   continued lower 1.8% to close at $56.35. Based on the quotation of Bank of China (Hong Kong), overnight CNY Hong Kong Interbank Offered Rate (HIBOR) once surged to 22% at 3:45 p.m.. BOC HONG KONG (02388.HK)  -0.700 (-3.097%)    Short selling $44.78M; Ratio 16.791%   's share price dipped 3%. BANK OF E ASIA (00023.HK)  -0.850 (-3.327%)    Short selling $35.93M; Ratio 64.550%   dived 3.3%. CHINA MOBILE (00941.HK)  -1.450 (-1.767%)    Short selling $222.15M; Ratio 10.701%   sagged 1.8% at $80.6. TENCENT (00700.HK)  -4.600 (-3.226%)    Short selling $637.32M; Ratio 20.505%   fell sharply 3.2% to $138.

Hong Kong real estate developers CK PROPERTY (01113.HK)  -1.750 (-3.627%)    Short selling $71.92M; Ratio 20.678%   , HENDERSON LAND (00012.HK)  -1.500 (-3.293%)    Short selling $82.72M; Ratio 55.388%   , SHK PPT (00016.HK)  -1.500 (-1.638%)    Short selling $263.91M; Ratio 43.509%   and SINO LAND (00083.HK)  -0.340 (-3.189%)    Short selling $56.82M; Ratio 42.732%   recorded a loss of 3.6%, 3.3%, 1.6% and 3.2% respectively. China property stocks CHINA VANKE (02202.HK)  -2.100 (-10.649%)    Short selling $12.20M; Ratio 1.864%   collapsed 10.6% and became the worst performing HSCEI constituent. Citigroup downgraded its rating from Buy to Neutral last Friday, saying that the valuation is overly high. CHINA RES LAND (01109.HK)  -1.240 (-6.225%)    Short selling $31.03M; Ratio 7.448%   and CHINA OVERSEAS (00688.HK)  -1.150 (-4.842%)    Short selling $251.89M; Ratio 24.813%   tumbled 6.2% and 4.8%.

Shanghai Composite Index posted a sharp decline of more than 5%, sending Chinese financials tumbling. CHINA LIFE (02628.HK)  -1.150 (-5.100%)    Short selling $282.23M; Ratio 16.325%   decreased significantly by 5.1% to over 1-year low. PING AN (02318.HK)  -1.650 (-4.342%)    Short selling $462.30M; Ratio 23.977%   and PICC P&C (02328.HK)  -0.980 (-6.712%)    Short selling $35.06M; Ratio 7.795%   nosedived 4.3% and 6.7%. BANK OF CHINA (03988.HK)  -0.100 (-3.106%)    Short selling $131.07M; Ratio 7.866%   , CCB (00939.HK)  -0.100 (-1.992%)    Short selling $133.85M; Ratio 8.504%   and ICBC (01398.HK)  -0.130 (-2.989%)    Short selling $79.72M; Ratio 6.699%   lost 3.1%, 2% and 3%.

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