HONG KONG (XFN-ASIA) - Share prices closed sharply lower, falling for the fourth straight session as investors remained cautious ahead of key US economic data and results announcements from financial majors such as Citigroup. (NYSE:C)
The market opened higher after a rebound on Wall Street overnight, but quickly lost steam as worries over the US economy resurfaced.
The market opened higher after a rebound on Wall Street overnight, but quickly lost steam as worries over the US economy resurfaced.
HSBC was down after Goldman Sachs (NYSE:GS) cut its target price on the stock, citing possible US recession and continued subprime-loans related problems, while shipping firms tumbled amid worries over a drop in demand in the event of a US economic downturn.
China Mobile fell over 4 pct after its parent ended talks with Apple Inc over bringing the iPhone to China, while HKEx also pressured the key index as it extended yesterday's 6 pct slide.
Oil stocks turned lower after early gains, with investors still fretting about China's fuel price freeze.
Among gainers, Lenovo (OOTC:LNVGY) was up after IBM (NYSE:IBM) announced better-than-expected preliminary results for the fourth quarter.
The Hang Seng index closed down 630.35 points or 2.38 pct at 25,837.78, off a low of 25,823.5 and high of 26,800.52.
The market opened higher after a rebound on Wall Street overnight, but quickly lost steam as worries over the US economy resurfaced.
The market opened higher after a rebound on Wall Street overnight, but quickly lost steam as worries over the US economy resurfaced.
HSBC was down after Goldman Sachs (NYSE:GS) cut its target price on the stock, citing possible US recession and continued subprime-loans related problems, while shipping firms tumbled amid worries over a drop in demand in the event of a US economic downturn.
China Mobile fell over 4 pct after its parent ended talks with Apple Inc over bringing the iPhone to China, while HKEx also pressured the key index as it extended yesterday's 6 pct slide.
Oil stocks turned lower after early gains, with investors still fretting about China's fuel price freeze.
Among gainers, Lenovo (OOTC:LNVGY) was up after IBM (NYSE:IBM) announced better-than-expected preliminary results for the fourth quarter.
The Hang Seng index closed down 630.35 points or 2.38 pct at 25,837.78, off a low of 25,823.5 and high of 26,800.52.
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