HK stocks fall to one-week low

Hong Kong stocks declined on Thursday, dragging the benchmark index to a one-week low after the Chinese mainland released economic data of the second quarter.

The benchmark Hang Seng Index fell 305.19 points, or 1.48 percent to 20,255.62, its lowest close since July 8. All but five stocks declined among the gauge's 43 constituents.

The Hang Seng China Enterprises Index of so-called H shares of Chinese companies lost 2 percent to 11,427.94.

Offshore oil explorer Cnooc Ltd. declined 2.7 percent to 12.40 HK dollars as the Chinese mainland said its economic growth slowed in the second quarter and as crude oil prices fell.

Wireless carrier China Unicom (Hong Kong) Ltd. declined 3.1 percent to 10.08 HK dollars.

The Chinese mainland said that its economic growth eased to 11. 1 percent in the first half after the government succeeded in tempering credit expansion, investment spending and property speculation. The pace compares with an 11.9 percent gain in January-March from a year earlier.

Agricultural Bank of China began trading in Shanghai Thursday, and will list H- shares in Hong Kong on Friday.

Chinese banks declined Thursday in Hong Kong ahead of the Agricultural Bank of China Ltd.'s listing in the city.

Industrial & Commercial Bank of China fell 2.4 percent to 5.74 HK dollars. China Construction Bank Corp. lost 2.3 percent to 6.36 HK dollars. Bank of China Ltd. slipped 2.4 percent to 4.04 HK dollars.

TCL Multimedia Technology Holdings Ltd., a Chinese maker of television sets, slumped 16 percent to 3.48 HK dollars. Credit Suisse, which previously rated the stock "outperform," lowered its recommendation on the stock after the company warned of a loss in the first half of this year.

China ITS Holdings Co., part-owned by Singapore's Temasek Holdings Pte, rallied as much as 9.7 percent in its Hong Kong debut Thursday. The shares were unchanged to close at 3.49 HK dollars.

Henderson Land Development Co., the Hong Kong builder controlled by billionaire Lee Shau-kee, declined 2.1 percent to 46. 70 HK dollars after local police said they seized documents from the developer as part of an investigation into collapsed apartment sales at a luxury residential project.

Gold producer Zijin Mining Group Co. dropped 3.4 percent to 4. 82 HK dollars after the company said the China Securities Regulatory Commission will investigate its release of information about a leak of waste water from a mine in Fujian province that polluted a local river, according to a statement of the Shanghai's stock exchange.

Source: Xinhua