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The Honolulu Advertiser
Updated at 4:13 p.m., Friday, October 10, 2008

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.