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Hong Kong shares close down 2.8 per cent

12 Jan 2009 7:40 PM

Hong Kong share prices closed 2.8 per cent lower on Monday .. led by falls in Chinese banks on concerns more major shareholders will sell down stakes, dealers said.

The benchmark Hang Seng Index closed down 406.44 points at 13,971.00. Turnover was light at 46.26 billion Hong Kong dollars ($A8.47 billion).

Bank Of China plunged 6.12 per cent to $US1.84 and Industrial and Commercial Bank of China was down 5.21 per cent at $US3.46 dollars.