Stocks News
- HK stocks make 2.02% comeback, buoyed by Wall Street
Date: 31-Aug-2007 Sources: (Xinhua Online)
HONG KONG, Aug. 30 (Xinhua) -- Hong Kong stocks made a strong comeback Thursday from past two days' losses as investors eased their nerves and bought into blue-chip shares following Wall Street's overnight gains.
The benchmark Hang Seng Index closed 463.94 points or 2.02 percent higher Thursday, wiping out the huge pullback during the past two days.
The index opened 489.38 points or 2.13 percent sharply higher at 23,509.98 and at one point shot up to all-time high 23,583.49 but narrowed its gains to close at 23,484.54.
The China Enterprise Index, which tracks the performance of 41 Chinese mainland companies listed in Hong Kong, rebounded 249.04 points or 1.82 percent to close Thursday's trading at 13,937.84.
Turnover was weaker to 95.87 billion HK dollars (12.3 billion U.S. dollars) compared with Wednesday's 104.21 billion HK dollars (13.37 billion U.S. dollars).
China Mobile, the country's biggest mobile phone operator and the market's top company measured by capitalization, remained the market's major driven force by 2.87 percent to clinch at 102.1 HK dollars, propelling the index by 126.16 alone.
Banking and finance shares were another major contributors to the index's gains. China Construction Bank, the country's third-largest bank, surged 4.5 percent to 6.27 HK dollars, adding another 36.6 points of the index's gains.
HSBC, the market's second largest stock measured by capitalization, added 0.43 percent to 138.8 HK dollars, boosting the index the most by 16.78 points.
Industrial and Commercial Bank of China, the country's biggest lender, rebounded 1.85 percent to 4.95 HK dollars.
Bank of China, the country's second largest lender, recovered 1.04 percent to 3.88 HK dollars.
China Life, the biggest insurer in China, advanced 1.37 percent to 36.95 HK dollars.
CNOOC, China's largest offshore oil producer, soared 3.95 percent to 9.22 HK dollars.
Cheung Kong, one of Hong Kong's largest house developers controlled by tycoon Li Ka-shing, rose 2.66 percent to 112 HK dollars.
Garment producer Esprit Holdings surged 6.69 percent to 111.7 HK dollars.
PetroChina, or China's largest oil producer, rose 1.98 percent to 11.36 HK dollars.
Sinopec, Asia's biggest oil refiner, moved up 1.2 percent to 8.46 HK dollars.
China Cosco, the country's largest shipping conglomerate, once jumped to its record high 17.8 HK dollars before roaring 7.78 percent to close at 17.46 HK dollars.
Aluminum Corp of China or Chalco, the country's largest aluminum refiner, continued to plummet 6.57 percent to 19.34 HK dollars.
Overbought Jiangxi Copper continued to plunge 6.66 percent to 17.1 HK dollars as a result of profit-taking after its bull rush amid expectations of liquidity inflows from China's mainland.
Chalco and Jiangxi Copper were once considered much cheaper than their trading prices in the Shanghai Stock Exchange and investors were eager to buy in advance of the funds inflows from China's mainland. (7.8 HK dollars = 1 U.S. dollars)
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