bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

authorLocations

authors

paywallTypes

corrections

sponsorType

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

SCMP Reporter

TURNOVER slid to its lowest level since January as stocks dropped amid growing concerns about the state of the property market.

  The Hang Seng index fell 134.99 points to 8,226 on $1.37 billion of turnover, against $1.3 billion on January 30 - 507.46 million shares changed hands with just 12,274 deals struck.

  Yesterday's close was the lowest since March 14. It leaves the market just 0.43 per cent ahead of where it opened at the beginning of the year.

  The combination of Deng health fears and concern with the state of the property market has wiped out gains in the first quarter, which placed the market among the top 20 performing major equity markets in the world.

  At the close yesterday, including New York's Friday close, the Hang Seng was the 31st best performer in the Bloomberg top 50 of major equity markets.

  Yesterday, property stocks got hit in selling with Hysan Development, New World Development, Great Eagle, Hang Lung Development, Henderson Land, Wharf and Wheelock all coming off more than two per cent.

  A combination of rising concern that end-user demand in residential property had gone soft and the fear that more major falls in office property prices were ahead, undermined sentiment towards the sector.

  The Hang Seng opened at 8,351, 10 points from the previous close of 8,361.03. Overseas selling saw it shed another 70 points to 8,281.12 by 10.15 am.

  Selling continued unabated in the next 15 minutes taking the index to 8,264.12 before it could find its footing.

  In a modest attempt at turning round the index gained 10 points at 11 am only to be knocked down again, taking it to 8,232.39 at the lunchtime close.

  During afternoon trading the low of the day was hit around 2.45 pm at 8,215.22. Minor buying helped the index to make the 8,226.04 close.

  Turnover was so low, brokers were not reading too much into the fall. However the weakness registered in property during the day might be an indication that more selling is to come.

  By Hang Seng sub-index sectors, industry and commerce was the worst performer. The sub-index fell 1.89 per cent to 6,066.48. Wharf fell 50 cents to $22.70 on a turnover of $34.04 million as 1.5 million shares changed hands. Wheelock fell 30 cents to $11.80 on a turnover of $5.77 million as 488,218 shares changed hands.

  Cathay Pacific Airways saw selling again, having rebounded a little from the sell-off last week amid fears of a mainland competitor setting up in the territory.

  The stock was off 30 cents to $10.55 on a turnover of $26.03 million as 2.45 million shares changed hands.

  Parent Swire Pacific fell in sympathy, losing 75 cents to $51 on a turnover of $35.05 million shares as 688,000 shares changed hands.

  Utilities fell 1.77 per cent 10,167.54 as losses in share price at China Light and Power along with Hongkong Electric continued. China Light fell 90 cents to $35.60 on a turnover of $36.9 million as one million shares traded. Ex-dividend Hongkong Electric was down 60 cents to $23.15 on a turnover of $39.37 million.

  The property sub-index fell 1.76 per cent to 13,474.63. Hysan Development fell 40 cents to $16.10 in $13.7 million of turnover.



Dull index droops on property concerns