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HSI Recedes 344 pts; Developers Face Hefty Selling

Hang Seng Index advanced 351 pts at most this morning after opening up 192 pts. However, the increase narrowed after the midday and the index even receded to the low point of 18,534 after Shanghai Composite Index dived more than 3%. Hang Seng Index thus hit the new low for 3.5 years. It last stood at 18,542, down 344 pts or 1.8%. Hang Seng China Enterprises Index finished at 179 pts or 2.2% to 7,835, hitting the low for more than six years. The market turnover amounted to $96.49 billion.

All blue chips headed south. Heavyweight HSBC HOLDINGS (00005.HK)  -1.250 (-2.352%)    Short selling $591.37M; Ratio 22.733%   faded 2.4% to $51.9. STANCHART (02888.HK)  -1.400 (-2.647%)    Short selling $9.74M; Ratio 6.000%   slid 2.6% to $51.5. AIA (01299.HK)  -0.050 (-0.124%)    Short selling $333.38M; Ratio 22.950%   and TENCENT (00700.HK)  -2.300 (-1.699%)    Short selling $1.20B; Ratio 28.962%   gave up 0.1% and 1.7%.

Local developers faced hefty selling pressure. HENDERSON LAND (00012.HK)  -2.450 (-6.102%)    Short selling $155.97M; Ratio 54.405%   , CK PROPERTY (01113.HK)  -2.000 (-4.819%)    Short selling $54.88M; Ratio 9.105%   and NEW WORLD DEV (00017.HK)  -0.290 (-4.387%)    Short selling $73.45M; Ratio 26.477%   collapsed 6.1%, 4.8% and 4.4%. MTR CORPORATION (00066.HK)  -1.100 (-3.099%)    Short selling $287.54M; Ratio 52.362%   plunged 3%.

HKEX (00388.HK)  -5.600 (-3.331%)    Short selling $383.92M; Ratio 19.526%   plummeted 3.3%. Hong Kong banks softened. BOC HONG KONG (02388.HK)  -0.480 (-2.412%)    Short selling $126.96M; Ratio 36.537%   , BANK OF E ASIA (00023.HK)  -0.750 (-3.363%)    Short selling $45.10M; Ratio 40.493%   and HANG SENG BANK (00011.HK)  -3.800 (-3.035%)    Short selling $307.18M; Ratio 65.023%   lost 2.4%-3.4%.

The infrastructure stocks CHINA COMM CONS (01800.HK)  -0.530 (-8.307%)    Short selling $14.01M; Ratio 2.513%   , CHINA RAILWAY (00390.HK)  -0.310 (-6.828%)    Short selling $15.85M; Ratio 7.015%   and CRRC (01766.HK)  -0.330 (-4.564%)    Short selling $32.71M; Ratio 13.446%   collapsed 8.3%, 6.8% and 4.6% respectively.

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