State Bank, the country''s largest commercial bank surged 0.9% to 2,345 rupees.

Larsen & Toubro slipped 5.2% to 3,555 rupees despite securing orders worth 1,057 crore rupees from the Gulf region on Wednesday.

Hindustan Unilever declined 3% to 183.9 rupees after trading as high as 203 rupees.

Bharti Airtel climbed 0.6% to 852 rupees on high volume of 16.70 lakh shares. A single block of 12.72 lakh shares (or 1.272 million) was executed in the stock on BSE at 850.5 rupees.

DLF lost 2% to 905 rupees.


6:00AM New York, 6:00PM Hong Kong - Hong Kong trade deficit increased to HK$27.4 billion in December. China trade surplus rises and GDP in 2007 rose at 11.4%. Inflation remains a major threat.

Stocks in Hong Kong plummeted on a government report showing that trade deficit widened and on rising expectations that credit market turmoil will persist.

In Hong Kong trading Hang Seng Index declined 2.3% or 550.90 at 23,539.27, while the China Enterprises Index plunged 2.61% at 12,933.20.

Daily turnover on the main-board was HK$142.4 billion compared to HK$156.4 billion yesterday.

The Hong Kong government reported on its website today that export shipments rose 8.2% year to HK$232 billion in December from a year ago, while imports soared 10.3% to HK$259.7 billion, yielding a trade deficit of HK$27.4 billion.

Exports to China spiked 21.7% in December from a year earlier.

According to the government report, cumulative exports last year gained 9.2% from a year earlier. However imports gained 10.3% driven by rising oil prices.

Trade deficit in 2007 stood at HK$180.5 billion.

National Bureau of Statistics reported today in Beijing that the China’s Gross Domestic Product in 2007 increased to 11.4% from the revised 11% in 2006 to 24.66 trillion yen ($3.41 trillion).

China’s foreign trade soared 23.5% to $2.17 trillion. Exports edged up 25.7% to $1.22 trillion, while imports grew 20.8% to $955.8 billion and trade surplus advanced 47.7% to $262 billion.

China’s industrial output in 2007 rose 3.7% to Rmb 2.89 trillion and 13.4% at Rmb 12.14 trillion, while the tertiary sector advanced to 9.63% at Rmb 9.63 trillion.

The statistics office also added that production at major enterprises, with annual sales of Rmb 5 million, surged 18.5% from a year ago, with aggregate profit reaching Rmb 22.95 trillion.

Spending on fixed assets in 2007 increased by 25.7% to Rmb 13.72 trillion.

Inflation remains a major threat to the Chinese economy. Inflation in 2007 tripled to 4.8% from 2006 on food price increase of 12.3% in 2007. Consumer price index in December fell to a growth of 6.5% from 6.9% in November and is running above the central bank target of 3%.

Financial stocks declined on remarks by Chief Executive of the Hong Kong Monetary Joseph Yam Chi-kwong today that notwithstanding the aggressive interest rate cut by the U.S. Federal Reserve it will take time before the situation normalizes.