www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

HONG KONG: After months of a bull run that has seen records set one after another, the stock market dived nearly 3 per cent Tuesday in the steepest one-day drop in more than five years.

The benchmark Hang Seng Index lost 564.48 points to end at 18639.53, dragged down by such heavyweights as China Mobile, which dropped HK$2.80 to close at HK$64.50, and HSBC Holdings Plc, which dropped HK$2.60 to HK$142.80.

The index plummeted 923.74 points, or 8.9 per cent, to 9493.62 points on September 12, 2001, a day after the terror attacks in the United States.

"All of November's gains have been wiped out in one session," said Andrew Clarke, a trader at SG Securities. "But I don't think it is a major disaster. I think it is one of those things when everything comes at once."

The selling was a combination of hedge funds booking profits at the end of November to switch into Japan, along with fears that guidance from retail giant Wal-Mart signalled a slowdown in US growth, added Clarke.

"Though a bit shocking, it is a healthy correction," said Casor Pang, with Hong Kong-based Sun Hung Kai Financial Group.

"The market has amassed too many gains in the previous months. It might tumble further in the next few weeks before consolidating by the year-end," Pang told China Daily.

Francis Lun, general manager of Fulbright Securities, agreed.

"Hong Kong has been overbought for some time so the time is ripe for some consolidation," he said.

The index had risen about 27 per cent from a mid-June low of 15200 to a recent record high of 19404.01 points.

Speculation over China's plans for its US$1 trillion foreign reserves also played a part.

The People's Bank of China, the central bank, yesterday refused to comment on reports that Beijing is shifting its foreign reserve holdings away from US Treasuries, speculation that helped push the dollar sharply lower in currency markets on Monday.

Speaking at a conference in Beijing on Friday, central bank deputy chief Wu Xiaoling reportedly noted the risks arising from the greenback's decline against other currencies for East Asian holders, triggering a spate of dollar selling that added to the greenback's recent declines.

"The major concern now is the US dollar. If it has a drastic drop, it would cause more uncertainties in financial markets all over the world," said Pang.

However, some analysts believe that market sentiment still remains good and expect a rally in the near term.

"We are likely to see more consolidation in the near term after today's dramatic decline. Some window-dressing activity in December is likely to support the index," said Kitty Chan, investment manager at Celestial Asia Securities.

Selling was across the board as institutional investors used Wall Street's decline as an excuse to take profit, dealers said.

The H-share China Enterprises ended at 8133.78, a two-week closing low. Bank of China slid 5.3 per cent to HK$3.56 and Industrial and Commercial Bank of China dropped 5.3 per cent to HK$3.76.