HK stocks drops 2.58 pct over waning China manufacturing PMI

Hong Kong stocks headed south Monday as China's official manufacturing PMI for November fell to 50.3, suggesting the country's business sentiment remains subdued as economic growth slows.

The benchmark Hang Seng Index dropped 620 points, or 2.58 percent, to close at 23,367.45 points, after trading between 23, 731.76 and 23,318.48.

Turnover totaled 105.14 billion HK dollars (13.57 billion U.S. dollars), up from 90.24 billion HK dollars the previous trading day.

The Hang Seng China Enterprises Index dropped 2.94 percent, or 327.19 points, to close at 10,818.2.

All of the four sub-indices closed lower. The Finance dropped 2. 2 percent; the Utilities lost 2.36 percent; the Properties dipped 2.43 percent; the Commerce and Industry fell 3.1 percent.

Heavy weight China Mobile lost 2.9 percent to 92.8 HK dollars. China Unicom faded 4.1 percent to 11.32 HK dollars. HSBC Holdings and HKEX edged down 1.2 percent and 1.75 percent, respectively.

Tencent tumbled 3 percent to 120.3 HK dollars. Ping An registered growth in early session but eventually gave up 0.3 percent to 64.85 HK dollars at close. Media reports said the company is getting the support of Jack Ma and Ma Huateng for its H- share placing.

Macau November gaming revenue was down 19.6 percent from a year earlier. Galaxy Ent and Sands China Ltd. slid 2.6 percent and 2 percent, respectively.

As New York crude oil futures continued lower by more than 3 percent during the Asian session, CNOOC plummeted 5.5 percent to 10.72 HK dollars. Sinopec and PetroChina dived 4.1 percent and 4.4 percent, respectively. Kunlun Energy sank 5.5 percent to 7.93 HK dollars.

Bucking the trend, Cathay Pacific Airways rose 3.4 percent to 17.66 HK dollars. Chow Tai Fook Jewelry Group gained 0.7 percent to 10.9 HK dollars.