HONG KONG, July 14 (Xinhua) -- Hong Kong stocks retreated modestly on Monday as investors continued to weigh the uncertainty over markets in the Chinese mainland and the United States.
The benchmark Hang Seng Index first seemed to be unfazed by Wall Street's sharp losses over the weekend by advancing 20.45 points, or 0.09 percent, to open at 22,205 and once climbed by as much as 175.74 points, or 0.79 percent, to the day's highest 22,360.29.
But selling-off orders of blue-chip HSBC turned around the market's momentum and sent the index into the negative territory by falling 282.6 points, or 1.27 percent, to finish the morning session at 21,901.95, just off the day's lowest 21,871.6.
Losses were narrowed in the afternoon trading session to 170.09points, or 0.77 percent, to close at 22,014.46.
Turnover shrank to 58.4 billion HK dollars (7.49 billion U.S. dollars) from Friday's 70.02 billion HK dollars (8.98 billion U.S. dollars
Blue-chip heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, lost 1.93 percent to 116.6 HK dollars, sinking the index by 664.11 points alone.
Heavily traded China Mobile, the largest mobile phone operator in the country and the market's largest stock measured by capitalization, dipped 0.19 percent to 105 HK dollars.
Energy companies were mixed. Oil prices fell below 144 U.S. dollars a barrel in Asia trading as the U.S. government's rescue plan for mortgage companies Freddie Mac and Fannie Mae strengthens U.S. dollars. PetroChina, the country's largest oil producer, gained 0.4 percent to 10.4 HK dollars. Sinopec, Asia's largest refiner, dropped 1.35 percent to 7.29 HK dollars. China's largest offshore oil producer CNOOC shed 0.3 percent to 13.1 HK dollars.
All Hong Kong's property companies fell. Sun Hung Kai Properties, the largest house developer in Hong Kong, sank 0.61 percent to 113.7 HK dollars. Cheung Kong, one of the biggest housing companies controlled by tycoon Li Ka-shing, skid 0.37 percent to 107.1 HK dollars. Sino Land went down 2.92 percent to 15.32 HK dollars. New World Development lost 1.71 percent to 14.98HK dollars. Hang Lung plunged 4.9 percent to 24.25 HK dollars. Henderson Land dipped 0.86 percent to 46.1 HK dollars.
Hong Kong Exchanges and Clearing Limited, the sole market operator, gained 0.44 percent to 113 HK dollars.
China Enterprise Index, or H-shares, which was composed of 43 companies registered in the Chinese mainland, weakened 40.11 points, or 0.33 percent, to close at 12,266.88.
Most Chinese banks and insurers listed in Hong Kong fell. Heavily traded ICBC, China's largest lender, dropped 0.54 percent to 5.54 HK dollars. China Life, the country's largest insurance company, dipped 0.18 percent to 28.5 HK dollars. Bank of China, the country's second largest bank, went down 0.57 percent to 3.5 HK dollars. China Construction Bank, the third largest bank in China, stood unchanged at 6.5 HK dollars. Ping An, China's second largest insurance company, slid 0.19 percent to 52.05 HK dollars.
Bank of Communications outperformed the index by adding 0.31 percent to 9.59 HK dollars. (7.8 HK dollars = 1 U.S. dollar)
