Hong Kong stocks close down 0.99%

Hong Kong stocks dropped 253.81 points, or 0.99 percent to close at 25,282.62 points on Wednesday.

The benchmark Hang Seng Index opened 0.5 percent lower, tracking losses on overseas markets. The index continued to drop and hit the day low at 25,177.6.

The Hang Seng China Enterprises Index moved down 137.27 points, or 1.16 percent, to close at 11,734.27 points.

All of the four sub-indices lost ground. The Commerce & Industry sub-index dropped 1.09 percent, followed by the Finance 1. 06 percent, the Utilities 0.66 percent and the Properties 0.48 percent.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, lost one percent to 70.15 HK dollars.

Bank of East Asia, one of the largest local banks in Hong Kong, lost 0.61 percent to close at 32.85 HK dollars.

Local bourse operator HKEX dropped 2.72 percent to 222.2 HK dollars.

China Mobile, China's dominant mobile carrier, shrank 1.17 percent to 101 HK dollars. China Unicom, another Chinese telecom giant, dropped 0.87 percent to 11.46 HK dollars.

Local property stocks closed mixed. Sun Hung Kai, one of Hong Kong's largest property developer by market value, rose 0.16 percent to 124 HK dollars. Henderson Land lost 0.85 percent to 52. 4 HK dollars. CKH Holdings slid 0.78 percent to 114.5 HK dollars.

Mainland-based financial stocks moved down. Bank of China dropped 1.11 percent to close at 4.44 HK dollars. China Construction Bank lost 0.92 percent to 6.5 HK dollars. ICBC retreated 1.42 percent to 5.57 HK dollars. Bank of Communication fell 0.14 percent to 7.15 HK dollars.

As for energy stocks, China's top refiner Sinopec fell 0.82 percent to 6.08 HK dollars. PetroChina, the country's largest oil and gas producer, dropped 0.88 percent to 7.91 HK dollars. CNOOC lost 0.4 percent to 9.95 HK dollars.

Hong Kong stocks dropped 253.81 points, or 0.99 percent to close at 25,282.62 points on Wednesday.

The benchmark Hang Seng Index opened 0.5 percent lower, tracking losses on overseas markets. The index continued to drop and hit the day low at 25,177.6.

The Hang Seng China Enterprises Index moved down 137.27 points, or 1.16 percent, to close at 11,734.27 points.

All of the four sub-indices lost ground. The Commerce & Industry sub-index dropped 1.09 percent, followed by the Finance 1. 06 percent, the Utilities 0.66 percent and the Properties 0.48 percent.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, lost one percent to 70.15 HK dollars.

Bank of East Asia, one of the largest local banks in Hong Kong, lost 0.61 percent to close at 32.85 HK dollars.

Local bourse operator HKEX dropped 2.72 percent to 222.2 HK dollars.

China Mobile, China's dominant mobile carrier, shrank 1.17 percent to 101 HK dollars. China Unicom, another Chinese telecom giant, dropped 0.87 percent to 11.46 HK dollars.

Local property stocks closed mixed. Sun Hung Kai, one of Hong Kong's largest property developer by market value, rose 0.16 percent to 124 HK dollars. Henderson Land lost 0.85 percent to 52. 4 HK dollars. CKH Holdings slid 0.78 percent to 114.5 HK dollars.

Mainland-based financial stocks moved down. Bank of China dropped 1.11 percent to close at 4.44 HK dollars. China Construction Bank lost 0.92 percent to 6.5 HK dollars. ICBC retreated 1.42 percent to 5.57 HK dollars. Bank of Communication fell 0.14 percent to 7.15 HK dollars.

As for energy stocks, China's top refiner Sinopec fell 0.82 percent to 6.08 HK dollars. PetroChina, the country's largest oil and gas producer, dropped 0.88 percent to 7.91 HK dollars. CNOOC lost 0.4 percent to 9.95 HK dollars.