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Earnings concerns over the banking sector pushed Hong Kong stocks lower on Monday before the benchmark Hang Seng Index finished down 0.73 percent, narrowing its losses thanks to mainland support.

The blue chip Bank of East Asia, the commercial lender due to release its 2008 annual results on Tuesday, tumbled 4.07 percent at HK$15.56 to lead the losses on news reports that it was projected to record a plunge in earnings in 2008 to HK$281 million ($36 million) from HK$4.14 billion in the previous year.

The Hang Seng Index closed at 13,455.88 after moving between 13, 257.35 and 13,559.82 on turnover of HK$34.59 billion, compared with last Friday's already thin HK$36.16 billion.

The HSI futures were trading at moderate discounts to the cash market. Analysts said they expected further downside pressure if the released numbers were worse than expected.

In spite of a rise in its weight in the blue chip index after results of a review were announced Friday, banking giant HSBC lost HK$2, or 3.28 percent, to close at HK$59, contributing a change of 51.16 points to the Hang Seng Index.

The finance sub-index lost 222.06 points, or 1.12 percent, to close at 19,533.94.

Hang Seng Bank, a local unit of HSBC, finished the day down 1. 97 percent at HK$87, and BOC Hong Kong also joined the local losers by edging down 0.37 percent.

The mainland banking shares were comparatively better, with ICBC down a mild 0.28 percent, China Construction Bank up 0.5 percent and Bank of China up 0.93 percent.

China Life, the mainland-based insurance player, ended flat, while Ping An lost HK$0.15, or 0.4 percent, to close at HK$37.

The properties sector was obviously better as some of the leading stocks reversed early losses to end in positive ground. SHK Properties, the leading residential developer in Hong Kong, ended the day rising HK$0.35, or 0.55 percent, at HK$64.3.

The properties sub-index was down 34.73 points, or 0.22 percent.

The utilities sub-index was the only gainer among the four major categories, gaining 1.16 percent, while the commerce and industry sub-index lost 58.28 points, or 0.76 percent, to close at 7,570.27.

Cheung Kong, the business conglomerate headed by multi- billionaire Li Ka-shing, closed the day's trading up 0.52 percent at HK$67.95.

The energy shares closed mixed, with PetroChina up 0.16 percent, Sinopec flat and offshore oil producer CNOOC down HK$0.01, or 0.14 percent.

Shipping player China COSCO was once down over 5 percent but narrowed its losses on mainland support later to close at HK$4.99, or 2.92 percent.

HKEx, the sole stock exchange operator in the Hong Kong Special Administrative Region, finished down 0.3 percent at HK$67.4.