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HK shares open down 2.3 pct; Hang Seng bank slides

Sun Mar 1, 2009 9:00pm EST

Stocks

   

HONG KONG, March 2 (Reuters) - Hong Kong shares will start 2.3 percent lower on Monday, with banking and property stocks sold down sharply on increasing worries about the stability of the global financial sector.

China  |  Japan

Shares in HSBC's local arm, Hang Seng Bank (0011.HK) were 4.1 percent lower at HK$83.45 ahead of its 2008 earnings announcement later on Monday. HSBC (0005.HK) was suspended from trade earlier, ahead of what sources said will be a $18 billion rights issue to be announced alongside its 2008 results on Monday.

The benchmark Hang Seng Index .HSI was down 288.96 points at 12,522.61.

The China Enterprises Index .HSCE of top mainland firms was 3.2 percent lower at 6,679.69 while the Shanghai Composite Index .SSEC was down 0.4 percent in early trade.

(Reporting by Parvathy Ullatil; Editing by Jonathan Hopfner) (parvathy.ullatil@thomsonreuters.com; +852 2843-6415))

ASIA-PACIFIC STOCK MARKETS: Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS] S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW] Australia/NZ.........[.AX] India.......[.BO] China......[.SS]

OTHER MARKETS: Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/] Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/] ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/] Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]

DIARIES & DATA: IPO diary & data <TW/IPOMENU> Asia earnings diary [ASIA/EQTY] U.S. earnings diary [RESF/US] European diary [WEU/EQTY] Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O] Eurostocks Week Ahead [.EU/O] World forecasts EQUITYPOLL1

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