REPORT # 14
Hong Kong shares prices fell 1.7 per cent led by China Mobile amid continuing concerns over its earnings outlook, dealers said. They said sentiment was also depressed by Wall Street lackluster performance overnight, which failed to be inspired by the proposed merger between computer giants Hewlett Packard and Compaq.
The key Hang Seng Index lost 193.72 points to close at 10943.14 on the turnover of U.S. $733 million.
The cutting has been taken from the report of the Hong Kong Stock Exchange using Hang Seng as its key index measuring the value of shares transacted at the stock exchange
Meanings of difficult words
Sentiment emotion, attitude
Lackluster dull, uninspired, spiritless
Inspired encouraged, stimulated, motivated
Hang Sang Index Hong Kong Stock Exchange key index named as Hang Sang Index
Turnover total transactions, volume of business
Wall Street here it refers to New York Stock Exchange
Tendency of the market
The share market of Hong Kongfell 1.7 percent
The movement of the market was under control of two factors:
1. The shares of China Mobile, a giant mobile phone company of Hong Kong came down badly affecting all other shares.
2. Poor performance and dull conditions at the New York Stock Exchange.
Index and turnover
The opening index 1113686
Loss in % 1.7%
Volume of business US $733 million
On the day under report Hong Kong Stock Exchange registered a fall of 1.7 percent. One of the factors behind the drop was the lowering of the China Mobile shares against the backdrop of the company poor profit prospects. The fail of the China Mobile was so strong that it brought down the shares across the board. The other cause was the poor performance of the New York Stock Exchange on the day under report leading the Hong Kong Stock Exchange dispirited. It was expected that the merger of two computer giant companies, namely Hewlett Packard and Compaq, will throw the New York Stock Exchange at the higher level but hopes could not be realized. The impact of the Wall Street on the working of the Hong Kong Stock Exchange shows the phenomenon of the world being woven into a global village.
The two factors sent the Hang Song index down 193.72 points at 10943.14 at the close of the market with a turnover of $733 million.
The Hong Kong Stock Exchange showed dull conditions shedding 1.7 percent value of the market and closed at 10943.14 losing 193.72 points. The fall was based on the drop in the shares of China Mobile expecting a decline in its profits. The other depressing cause was the poor performance at the New York Stock Exchange overnight.
The poor earning position of the China Mobile may continue to haunt the stock exchange, but the merger of HP and Compaq may break the dull spell as a delayed impact.