HONG KONG, July 16 (Xinhua) -- Hong Kong stocks rebounded modestly amid volatile trading on Wednesday, taking a breath from Tuesday's steep drops due to fears of the worsening housing market in the United States.
The benchmark Hang Seng Index weakened 186.03 points, or 0.88 percent, to open at the day's lowest 20,988.74 and headed upwards amid great volatility.
The market at one moment rose as much as 159.61 points, or 0.75percent, to intra-day high 21,334.38 during the morning session.
Investors eyeing different wrestled their strength in the afternoon session but the market won support around the 21,000 level and rose 48.73 points, or 0.23 percent, to close at 21,223.5.
Turnover fell to 59.81 billion HK dollars (7.67 billion U.S. dollars) from Tuesday's 65.79 billion HK dollars (8.43 billion U.S. dollars
Among the 43 components of the benchmark Hang Seng Index, gainers outnumber declining shares 24 to 16, with three stocks unchanged.
Blue-chip heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, dipped 0.18 percent to 112.8 HK dollars.
Heavily traded China Mobile, China's largest mobile phone operator and the market's largest stock measured by capitalization, rebounded 1.58 percent to 102.6 HK dollars, boosting the index by 41.35 points alone.
Energy companies were mixed as global oil prices dropped to about 138 U.S. dollars a barrel. PetroChina, the country's largest oil producer, edged up 0.1 percent to 9.67 HK dollars. Sinopec, Asia's largest refiner, bounced 1.99 percent to 7.16 HK dollars. China's largest offshore oil producer CNOOC lost 3.31 percent to 12.28 HK dollars.
Hong Kong's property companies were heading towards different directions, too. Sun Hung Kai Properties, the largest house developer in Hong Kong, shed 0.64 percent to 108.3 HK dollars. Cheung Kong, one of the biggest housing companies controlled by tycoon Li Ka-shing, dipped 0.58 percent to 103.1 HK dollars. Sino Land fell 1.11 percent to 14.2 HK dollars. Hang Lung skid 0.64 percent to 23.15 HK dollars.
Henderson Land rebounded slightly by 0.68 percent to 44.5 HK dollars. New World Development added 0.29 percent to 14 HK dollars.
Hong Kong Exchanges and Clearing Limited, the sole market operator, went down 1.33 percent to 103.6 HK dollars.
Macao-based gambling giant SJM Holdings fell 1.3 percent in its debut to 3.04 HK dollars.
China Enterprise Index, or H-shares, which was composed of 43 companies registered in the Chinese mainland, recovered 29.46 points, or 0.25 percent, to close at 11,716.78.
Chinese banks and insurers listed in Hong Kong were mixed. Heavily traded ICBC, China's largest lender, gained 0.57 percent to 5.33 HK dollars. China Construction Bank, the third largest bank in China, added 0.48 percent to 6.24 HK dollars. China Merchants Bank recovered 0.79 percent to 25.6 HK dollars.
China Life, the country's largest insurance company, slid 0.19 percent to 26.95 HK dollars. Bank of China, the country's second largest bank, went down 1.19 percent to 3.31 HK dollars. Ping An, China's second largest insurance company, dipped 0.1 percent to 48.3 HK dollars. Bank of Communications stood unchanged at 9.15 HK dollars. (7.8 HK dollars = 1 U.S. dollar)
