WSJ Hong Kong Stocks - Share Prices Fall Sharply
January 11, 2001
Hong Kong Stocks
Share Prices Fall Sharply
Dow Jones Newswires
HONG KONG -- Shares fell sharply Thursday after Japan's Nikkei 225 average hit a 27-month low. An early directionless trading session gave way to accelerated sell-offs in the afternoon.
The Hang Seng Index dropped 345.02, or 2.2%, to 15090.77. Declining issues led advancers 29 to 4. Volume was worth 9.07 billion Hong Kong dollars.
Indonesia-based First Pacific's major shareholder Salim tumbled 40 Hong Kong cents, or 16%, to HK$2.05 after the company Wednesday sold 120 million shares placed at HK$2 each.
Sino Land slipped 4.2% to HK$4 after Tsim Sha Tsui Properties earlier this week placed 180 million shares in its blue-chip unit.
Cheung Kong shed 3.9% to HK$99, while Henderson Land declined 4.1% to HK$40.20.
Banking heavyweight HSBC dropped 1.3% to HK$115. Hang Seng Bank fell 1% to HK$104.50, and smaller Dao Heng Bank lost 3% to HK$44.60.
China Mobile fell HK$1.20 to HK$44 despite announcing a partnership with computer giant Hewlett-Packard1 that would enable the U.S. firm to take a minority stake in a wireless data unit of China Mobile.
Internet and telecommunications firm Pacific Century CyberWorks slid 3.1% to HK$4.675, a record low since it took over former telephone monopoly Cable & Wireless HKT last August.
China-related shares also lost ground. Founder Holdings fell 7.6% to HK$2.125. PetroChina dropped 3.1% to HK$1.27.
Tom.com shed 0.5% to HK$1.93. Sunevision fell 0.9% to HK$2.80.
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