Hong Kong stocks close 0.48% lower

Hong Kong stocks closed at midday on Thursday because of Chinese Lunar New Year holidays, down 106.19 points, or 0.48 percent, to 22,035.42 points. The benchmark Hang Seng Index traded between 21,746.23 and 22, 052.16. Turnover totaled 44.52 billion HK dollars (about 5.74 billion U.S. dollars), down from Wednesday's 68.37 billion HK dollars. The Hang Seng China Enterprises Index went down 79.66 points, or 0.8 percent, to close at 9818.36. As for the four sub-indices, only the Commerce & Industry rose 0.21 percent, The Finance sub-indice dropped by 1.06 percent, the Utilities decreased 1.05 percent and the Properties fell 0.27 percent. Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, closed 1.10 percent lower at 81.05 HK dollars. Its local unit Hang Seng Bank closed down 0.33 percent at 121.70 HK dollars. Bank of East Asia, another Hong Kong's major bank, decreased 0.30 percent at 29.45 HK dollars. Local bourse operator HKEX fell 0.08 percent to 122.10 HK dollars. As for the local developers, Cheung Kong Holding, a powerful HK- based developer owned by billionaire Li Ka-shing, went down 0.52 percent to 114.20 HK dollars. Henderson Land kept flat at 41.80 HK dollars. Sun Hung Kai Properties, another major developer, lost 0. 47 percent to 94.60 HK dollars. Hang Lung Properties was down 2.27 percent to 21.50 HK dollars. Mainland-based financial stocks lost grounds in general. ICBC fell 1.03 percent to 4.81 HK dollars, Bank of China went down 1.21 percent to 3.27 HK dollars. China Construction Bank decreased 1.11 percent to 5.35 HK dollars. Bank of Communications closed down 1. 18 percent to 5.02 HK dollars. As for energy stocks, PetroChina was down 1.18 percent at 7.53 HK dollars. CNOOC fell 0.82 percent to 12.08 HK dollars. Sinopec lost 0.32 percent to 6.15 HK dollars (1 U.S. dollar equals 7.76 HK dollars).