Hong Kong stocks tumble 4.97% amid global financial worries

Hong Kong stocks nose-dived 878. 64 points, or 4.97 percent, to close below the 17,000 mark on Monday, as the passage of the 700-billion U.S. dollar bailout plan failed to lift the market sentiments around the world.

The benchmark Hang Seng Index lost 526.19 points, or 2.98 percent, to open at 17,156.21 on Monday and moved between 17,241. 78 and 16,790.86. The index widened its losses in the afternoon to close at 16,803.76.

Analysts had previously said they expected further uncertainties ahead in the global financial market and that the Hang Seng Index may face continued -- and probably accelerated -- downward pressure if it failed to hold above the 17,000 level.

Turnover on Monday also went down to 47.33 billion HK dollars from Friday's 53.28 billion HK dollars .

Hong Kong-based power supplier CLP Holdings turned out to be the only gainer among the 43 blue chips, as financial services institutions rated the company high, sending its share prices to rise 0.85 HK dollars, or 1.36 percent, at 63.6 HK dollars.

The China Enterprises Index also moved down 596.37 points, or 6. 62 percent.

Market heavyweight HSBC, widely recognized as resilient amid a generally weak market, went down 2.7 HK dollars, or 2.19 percent, at 120.5 HK dollars, while its local unit Hang Seng Bank tumbled 5. 7 HK dollars, or 4.61 percent, at 118 HK dollars.

China Mobile, the leading mobile carrier on the Chinese mainland and one of the three telecom giants after an ongoing industry restructuring, lost 4.5 HK dollars, or 5.84 percent, to close at 72.6 HK dollars, near its support level.

ICBC, one of the leading mainland state-owned commercial lenders, went down 0.23 HK dollars, or 5.28 percent, at 4.13 HK dollars.

Mainland insurance giant Ping An tumbled 4 HK dollars, or 8 percent, at 46 HK dollars, upon its disclosure of huge losses expected from a major investment in the European financial group Fortis.

Source: Xinhua