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SCMP Reporter

THE Hang Seng Index tumbled 102.4 points to make 9,013.32 yesterday its lowest close in seven days.

  Turnover was a moderate $3.85 billion as 1.41 million shares changed hands in 32,845 deals.

  The decline followed the big fall on Wall Street overnight.

  In frenetic trading, the Dow Jones industrial average plummeted 81.96 points to 4,340.64 in trading some dealers said was linked to derivative activity.

  The double-witching impact of May option expiration on stock indexes and individual stocks hurt the market.

  The Hang Seng Index opened yesterday in extremely weak sentiment at 9,002.19.

  It plummeted to the low of the day of 8,891.28 before making ground again to reach 8,900.29 by 10.15 am.

  From this level the index clawed its way back to 8,975.14 at the close of the morning session, 140.58 points off the previous close.

  In the afternoon, the gradual climb of the index continued, with the high of the day of 9,023.7 being made just ahead of the close.

  At Peregrine Derivatives, Suni Goonetillake said: 'There was strong support for the index at the lower levels.'   The biggest selling came in utilities, which, by Hang Seng sub-index, fell 1.61 per cent to 10,883.13 points.

  Financials fell 1.12 per cent to 8,013.69 points, properties were off 1.07 per cent to 15,104.76, and commerce along with industry stocks fell 0.8 per cent to 6,683.83.

  In general, brokers said the selling was a knee-jerk reaction to the plunge on Wall Street.

  Markets in Asia definitely show signs of benefiting from money coming in from outside the region as investors become more positive toward markets here, and emerging markets overall.

  The best performing stocks last week were Great Eagle, up 5.07 per cent to $17.60, and Guangdong Investment, up three per cent to $3.975.

  The worst performer was CITIC Pacific, down 9.6 per cent to $19.70 on nervousness towards the group's status under the emerging new political environment in China.

  It was also revealed a senior executive had exercised a large number of options.

  Oriental Press Group remained depressed, losing 6.6 per cent to $3.175.

  Credit Lyonnais Securities (Asia) revealed director Ma Ching-fat had reduced his stake in the company by 65 per cent, selling off 28 million shares between May 11 and 15, at an average of $3.37 a share to raise about $94 million. He is left with 14.6 million shares.

  Sino Land was weak, falling 5.04 per cent to $5.65.

  In trading yesterday, HSBC was hit relatively hard.

  The share was off $1.50 to $94.75 on a turnover of $379.78 million, and was the day's most actively traded stock.

  Hutchison Whampoa and Cheung Kong were the second and third busiest stocks, respectively.

  Hutchison was flat on the day at $37.90 on a turnover of $269.9 million.

  Cheung Kong also was flat at $37.10 on a turnover of $229.25 million.

  Hopewell has begun sliding, after a period of relative support which took the share to a recent high of $6.40.

  Yesterday it was off five cents to $6.20 on a turnover of $111.86 million, the 10th biggest turnover of the day.

  Gains are expected next week following the Federal Open Markets Committee meeting on Tuesday.

  The level of interest in June index futures already accumulated, at about 5,000 contracts on Friday, indicates investors plan to be active next month.



Hang Seng tracks US in dive to 7-day low