FINANCE and utility stocks were hardest hit yesterday as the Hang Seng Index retreated almost 170 points, while many conglomerates, which had lagged the market during its recent spectacular surge, showed gains.
Selling took the index down 169.72 points, or 1.88 per cent, to 8,861.41 on a turnover of $9.04 billion.
The high turnover led brokers to believe the two-week record-breaking run that took the index up 19.6 per cent in 13 days was over, with buying falling off.
Sellers having gained the upper hand on a day of heavy trade was considered significant.
Of the Hang Seng Index sub-indices, finance was worst hit, falling 2.7 per cent to 7,657.96 points.
Utilities lost 2.12 per cent to 11,206.51 points and property counters dropped 2.09 per cent to 14,010.34 points.