Around the World's Markets: Hong Kong

Friday 09 July 1999 23:02 BST

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STOCKS CLOSED slightly lower in choppy trade amid gains by local bank shares. The Hang Seng index closed off 3.73 points or 0.03 per cent at 14,222.57.

It was the fourth fall in a row after last week's bull run gave way to consolidation and fears about new share placements.

"Yesterday and today, everyone in town was expecting a placement on Hutchison but then this was officially denied. I think it had a stabilising effect on the market," said Jason Ho, of BNP Prime Peregrine Securities.

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