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The Honolulu Advertiser
Posted on: Tuesday, September 16, 2008

Hawaii stocks also feel effects of meltdown

 •  Wall Street crisis quickly hurts Hawaii

By Greg Wiles
Advertiser Staff Writer

Hawai'i's publicly traded companies weren't immune to Wall Street's skid, with most seeing their share prices decline yesterday.

The stocks fared a little bit better on a whole than the Standard & Poor's 500, which declined 4.7 percent. The Honolulu Advertiser-Bloomberg Hawaii index of 11 local issues was off 3.8 percent.

The declines were lead by Barnwell Industries, which fell $2.63, or almost 24 percent, to $8.52. Hawaiian Holdings, the parent company of Hawaiian Airlines, dropped 81 cents, or 7.4 percent, to $10.08.

Among other notable stocks with losses, Hoku Scientific fell 5.1 percent to $5.35 and Alexander & Baldwin closed down 3.3 percent to $44.74.

By contrast, declines for the state's two publicly traded bank stocks were mild compared with the rest of the market.

Bank of Hawaii fell only 2.4 percent, while Central Pacific Financial declined only 0.2 percent.

Reach Greg Wiles at gwiles@honoluluadvertiser.com.