Most Hawaii stocks post double digit losses this week
Advertiser Staff
Shares of local companies ended a horrendous week as financial turmoil took its toll on stock markets.
Prices for stock of all publicly traded Hawai'i companies fell during what was a historic week for the market, led by Maui Land & Pineapple. Shares of the Kahului-based company fell by 39 percent during the week as the stock slipped to a 52-week low at Friday's close of $16.00 a share.
Other companies closing at 52-week lows were Barnwell Industries, off 33 percent to $5.99, and ML Macadamia, which was off almost one-quarter to $2.51.
Other declines for the week were:
• Alexander & Baldwin fell 10 percent to $37.50.
• Bank of Hawaii dropped 13 percent to $45.97.
• Central Pacific Financial tumbled 33 percent to $11.81.
• Hawaiian Electric slipped 13 percent to $23.99.
• Hawaiian Airlines flew lower by 32 percent at $5.26.
• Hoku Scientific slid 27 percent to $4.03.
• Cyanotech Corp. declined 19 percent to $1.65.
The stocks are part of the Honolulu Advertiser-Bloomberg Hawaii Index, which reached its lowest point in its 14-month history. The index fell 20 percent during the week and ended Friday at 66.34.
That compared to about 18 percent declines for the week for the Standard & Poor's 500 Index and the Dow Jones Industrial Average.