Strong profit-taking pressure and broad declines throughout Asia sent Hong Kong's benchmark index lower on Monday, breaking a six-session winning streak that resulted in a rise of over 1,400 points, or 7 percent.

The benchmark Hang Seng Index fell 177.56 points, or 0.8 percent, to 21,822.35.

Turnover reached 83.96 billion Hong Kong dollars (10.76 billion U.S. dollars), down from 95.81 billion Hong Kong dollars (12.27 billion U.S. dollars) Friday.

Analysts said they expect the blue-chip index to trade near 22, 000 points in the coming days on futures-related demand, though they said a correction will likely follow in July given the spate of initial public offerings that will drain liquidity from the stock market.

For this week, analysts said they expect the blue-chip index to trade near 22,000 points on demand linked to futures trading. In the next few days, "the market is likely in the hands of bulls who have bullets to hold the market strength till the futures expirations on Thursday," ICEA said in a research note Monday.

Among blue chip stocks Monday, 34 out of 39 ended in the red, dragged by a sharp correction in the Chinese mainland stock markets in the afternoon, as well as the broad decline in regional bourses.

The Shanghai Composite Index, which tracks both A and B shares, ended down 3.7 percent at 3941.08, extending Friday's 3.3 percent decline on expectations for more tightening measure.

Most of Asia was also down, dragged by weak performance on Wall Street Friday.

Japan's Nikkei Index fell 0.6 percent to 18,087, South Korea's Kospi ended down 0.8 percent at 1758, and Sydney's benchmark S&P/ ASX 200 index fell 0.8 percent to 6,329.8.

China-related shares were the biggest decliners on the local market. The China Enterprises Index, which tracks the movement of Chinese companies listed in Hong Kong, fell 1.6 percent to 12,040. 90.

Among those companies, oil producer Sinopec was down 2.9 percent at 8.79 Hong Kong dollars after the abrupt resignation of Chairman Chen Tonghai, who quit for "personal reasons".

China Construction Bank fell 2.3 percent to 5.20 Hong Kong dollars. Bank of China declined 0.8 percent to 3.91 Hong Kong dollars, and ICBC fell 0.7 percent to 4.34 Hong Kong dollars.

The finance sub-index plunged 342.10 points or 1.01 percent to 33,566.71.

The properties sub-index slid 340.55 points or 1.33 percent at 25,588.10.

The commerce and industry sub-index went down 57.17 points or 0. 46 percent to 12,343.38.

Source: Xinhua