Declines in banks, property companies, oil refiners and airlines pushed the benchmark Hang Seng Index lower Monday, ending a three-day advance.

The blue-chip Hang Seng Index fell 347.68 points, or 1.5 percent, to 22,514.92 after trading between 22,425.13 and 22,713. 58 during the session.

Turnover went sharply down to 49.07 billion HK dollars (6.29 billion U.S. dollars) from Friday's 60.70 billion HK dollars (7.78billion U.S. dollars).

Analysts and traders said the Hang Seng Index should stay comfortably above 22,200 in the near term, though index heavyweight HSBC will likely be pressured by a worse-than-expected result for its U.S. business in the first half due to a sharp risein loan impairment charges.

HSBC ended flat at 129.40 HK dollars after falling as much as 1percent earlier in the session, while its Hang Seng Bank unit fell2 percent to 155.40 HK dollars.

HSBC said first-half loan impairment charges jumped to 10.06 billion U.S. dollars from 3.71 billion U.S. dollars. Net profit in the period was 7.70 billion U.S. dollars. Hang Seng Bank said its first-half net profit rose 2.1 percent to 9.06 billion HK dollars, lower than forecasts of 9.20 billion HK dollars.

Standard Chartered Bank fell 3.1 percent to 227.80 HK dollars and Bank of East Asia was down 2.4 percent at 36.20 HK dollars. They will disclose their first-half earnings Tuesday.

Property companies fell Monday. Sino Land fell 4.2 percent to 15.22 HK dollars, Sun Hung Kai Properties was 2.3 percent lower at115.30 HK dollars, and Hang Lung Properties declined 3.8 percent to 24.15 HK dollars.

The biggest oil refiner on the Chinese mainland, China Petroleum and Chemical Corp. (Sinopec), dropped 2.3 percent to 8. 10 HK dollars. Oil producer CNOOC Ltd. lost 1 percent to 11.52 HK dollars, erasing its 0.3 percent jump at its midday close.

Hong Kong's top airline Cathay Pacific was down 2 percent at 14. 68 HK dollars, while the mainland's biggest carrier China Southern Air plummeted 4.8 percent to 3.38 HK dollars and its smaller rival China Eastern Air fell 3.4 percent to 2.54 HK dollars. (7.8 HK dollars = 1 U.S. dollar)