Hong Kong market trading lower, led by financial stocks

The stock market in Hong Kong is trading in negative territory, led by HSBC Holdings, which is down more than 8%.

The bench-mark Hang Seng Index, which closed Friday's trading session at 11,921.52, opened about 50 points lower at 11,872.46, and is drifting further down, led by banks. The index is presently quoted at 11,746, down more than 1.45%.

HSBC Holdings, which has a weighting of more than 11% in the index, is down more than 8% on growing concerns about the outlook for the financial sector as a whole. The stock is presently at $39.90. Hang Seng Bank is down more than 5%.
 
Bank of China is down more than 1.5% on huge volumes in early trade, while Ind & Comm Bank of China is up about 2% on higher volumes. Insurance related stocks such as Ping An Insurance and China Life Insurance are also trading lower in early trade.

China-related stocks are trading in the green in anticipation of the implementation of the stimulus package for revival of the Chinese economy.

Commodity-related stocks and telecom stocks, however, are trading in positive territory as investors snapped shares at lower prices. Hutchison Whimpoa and China Mobile are marginally up from previous close. Aluminum Corp. of China, CNOOC and Petro China are among the list of gainers in early trade.

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