Hong Kong Stocks Drop Most Since 9/11: World's Biggest Mover

Hong Kong's Hang Seng Index plunged the most since the Sept. 11 terrorist attacks on concern China will delay the ``through train,'' a plan for mainland Chinese individual investors to buy the city's equities directly. China Mobile Ltd. and China Unicom Ltd. led the decline.

``I think the `through train' is hitting the rocks, possibly permanently,'' said Aaron Boesky, who manages $200 million as chief executive officer at Marco Polo Investments Ltd. in Hong Kong. ``I expect a significant correction in the Hong Kong market over the next few weeks.''

The Hang Seng Index plunged 1,526.02, or 5 percent, to close at 28,942.32, its steepest decline since September 2001 and the largest fluctuation among markets included in global benchmarks. The Hang Seng China Enterprises Index, which tracks 43 so-called H shares of Chinese companies listed in Hong Kong, lost 6.4 percent to 18,291.20.

PetroChina Co., the best-performing member of the H-share index in the past month, dropped the most in almost seven years as investors took advantage of recent gains to sell. The Shanghai-listed shares of China's biggest oil producer almost tripled on their trading debut today.

China Mobile, the world's largest mobile-phone operator by users, dropped HK$10.60, or 7 percent, to HK$141.60, its biggest decline since January 2002. China Petroleum & Chemical Corp., the nation's biggest oil refiner, plunged HK$1.26, or 10 percent, to HK$11.04, the biggest drop since its debut in October 2000.

China Unicom Ltd., the smaller of the nation's two mobile- phone companies, slipped HK$1.46, or 8.3 percent, to HK$16.12. Cosco Pacific Ltd., Asia's third-largest container-terminal operator, fell HK$1.85, or 8 percent, to HK$21.15.
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