HONG KONG, Feb. 20 (Xinhua) -- Hong Kong stocks opened higher in the morning but slumped during trading to close down 2.21 percent at 23,590.58 Wednesday on renewed concerns over a possible slowdown in the global economy. The benchmark Hang Seng Index tracked overnight gains on the United States markets to open up 142.15 points, or 0.59 percent, at 24,265.32, the highest during the day. The Hang Seng Index slumped over 600 points during the day as the Financial Times reported that the listed unit of private equity firm KKR had delayed in repayment on billion-dollar debt, sparking slowdown concerns and affecting regional markets. The market's key barometer moved between 24,265.32 and 23,481. 06 during trading on turnover of 89.75 billion HK dollars (11.51 billion U.S. dollars), slightly higher than Tuesday's moderate 78.79 billion HK dollars (10.1 billion U.S. dollars). Analysts attributed the fall to a spike in oil price and renewed concerns over a global economic slowdown, tipping the HangSeng Index to move between 23,700 and 24,400 in near term as inflation pressure and uncertainties were expected to stay on. HSBC, the heavy-weighted blue chip, went down 1.7 HK dollars, or 1.49 percent, at 112.7 HK dollars and its local unit Hang Seng Bank edged down 0.5 HK dollars, or 0.36 percent, to close at 138 HK dollars. China Mobile, the largest mobile carrier on the Chinese mainland, slumped 3.2 HK dollars, or 2.69 percent, at 116 HK dollars on local news reports that mainland authorities were considering a regrouping. Its competitor China Unicom ended own 0.78 HK dollars, or 4.07 percent, at 18.38 HK dollars and China Netcom was down 3.03 percent at 24 HK dollars. Hang Lung Properties, a Hong Kong-based industry giant, finished at 30.4 HK dollars, down 1.55 HK dollars or 4.85 percent, although the company said its net profit for the second half of 2007 almost tripled year on year to reach 7.27 billion HK dollars. The growth in profit was within market expectations, analysts said. The properties sub-index suffered the most among the 4 major categories, losing 1,000.88 points, or 3.06 percent, to close at 31,669.20. The finance genre followed with a loss of 738.35 points, or 2. 21 percent, at 32,694.07, with Bank of China, which surged on 7.84percent on Tuesday, closing down 0.06 HK dollars, or 1.82 percent, at 3.24 HK dollars. The utilities category finished at 41,198.82, slumping 911.84 points, or 2.17 percent, while the commerce and industry sub-index finished at 14,226.79, down 288.70 points or 1.99 percent. The surge in oil prices affected the performance of Sinopec, which closed down 4.8 percent at 8.72 HK dollars as it had high exposure to oil refinery. CNOOC, which was less exposed to refinery, bucked the trend to add 0.79 percent at 12.78 HK dollars, joining fashion stock Espritto be the only blue chip gainers. (7.8 HK dollars = 1 U.S. dollar)