Hong Kong's stock market fell Monday after the U.S. central bank took steps to bolster beleaguered mortgage firms Fannie Mac and Freddie Mac., REPORTED AP. The blue-chip Hang Seng Index dropped 170.09 points, or nearly 0.8 percent, to 22,014.46. The market, which had gained in the prior three sessions, opened higher but backtracked as investors decided to book their gains, analysts said. Many worried the Federal Reserve's plan, announced on Sunday, to help the two mortage giants should they need short-term funding could be a sign of more negative news ahead. «Some of the investors are still pesimistic. They've lost confidence, and tried to take some profits,» said Peter Lai, investment manager at DBS Vickers in Hong Kong. Beyond worrying over U.S. news, some traders hesitated to place big bets ahead of key data on Chinese inflation and economic growth due out later this week. Most banks lost ground, with HSBC off 1.9 percent to HK$ 116.6 and Standard Chartered sliding 3.4 percent to HK$219.2. Handset manufacturer Foxconn International Holdings, Motorola's primary contract manufacturer, was among the worst hit, down almost 7.6 percent to HK$6.34. Zijin Mining was a rare bright spot. The Chinese copper and gold miner's shares climbed 5.3 percent to HK$6.81 amid high gold prices.
