Stocks News
- Roundup: HK stocks gain 0.77% on much thinner turnover
Date: 5-Dec-2007 Sources: (Xinhua Online)
HONG KONG, Dec. 4 (Xinhua) -- Hong Kong stocks ended 221.17 points, or 0.77 percent, higher here Tuesday but market turnover further shrank to the lowest since October, a signal that the market sentiment remained highly cautious.
The blue-chip Hang Seng Index fell 89.13 points, or 0.31 percent, to open at the day's lowest 28,569.29, but moved out of negative territory during afterwards trading before gaining 221.17points, or 0.77 percent, at 28,879.59.
Turnover further dwindled to 88.33 billion HK dollars (11.35 billion U.S. dollars) from Monday's 110.8 billion HK dollars (14. 21 billion U.S. dollars) as individual investors kept wary about the uncertainty under the impact of credit crisis in the United States.
China Mobile, the country's largest mobile phone operator and the market's largest stock measured by capitalization, rose 0.85 percent to 141.9 HK dollars, propelling the index by 36.82 points alone.
HSBC, another market heavyweight and the city's largest bank, edged up 0.15 percent to 132.3 HK dollars.
Hong Kong Exchange and Clearing Limited, the market's sole operator, slid 0.17 percent to 237.2 HK dollars.
Hong Kong's property companies were the market's major driving forces over expectation of further interest cuts by the Federal Reserve to lessen the impact of credit crisis in the United States.
U.S. Treasury Secretary Henry Paulson said on Monday he hoped to have a mortgage relief plan ready by week's end and urged Congress to give local governments more borrowing power to ward off foreclosures.
The Bush administration in the United States is seeking agreement with the mortgage industry to freeze interest rates on subprime loans whose rates are about to reset sharply highly in the hope that many of these borrowers can stay in their homes.
Cheung Kong gained 1.27 percent to 152 HK dollars. Henderson Land rose 1.69 percent to 72.4 HK dollars. SHK Properties leaped 3. 02 percent to 167.1 HK dollars. Sino Land added 0.18 percent to27. 75 HK dollars. Hang Lung rebounded 2.27 percent to 36.05 HK dollars.
Hutchison was among the under performed stocks, down 1.35 percent to 91.4 HK dollars. New World Development skid 0.34 percent to 29.05 HK dollars.
Bank of East Asia jumped 5.39 percent to 51.85 HK dollars as investors expect Bank of China (Hong Kong) will further increase its stakes of the bank. BOC Hong Kong rose 3.21 percent to 20.25 HK dollars.
The H-shares index, which was composed of 43 companies registered on the Chinese mainland, inched up 34.69 points, or 0.2percent, to close at 17,195.09 as the state leaders convened in Beijing discussing measures to prevent an overheated economy for China next year.
Oil sectors were mixed. PetroChina, the largest oil producer in China, dipped 0.67 percent to 14.88 HK dollars. Sinopec, the largest oil refiner in Asia, added 0.17 percent to 11.66 HK dollars. CNOOC, China's largest offshore oil producer, increased 1. 57 percent to 14.26 HK dollars.
China's Banking and financials also headed towards different directions. ICBC, China's largest lender, fell 0.33 percent to 6. 09 HK dollars. CCB, the second largest bank in China, slid 0.27 percent to 7.45 HK dollars. CITIC Bank slipped 0.57 percent to 5. 26 HK dollars.
Bank of China went up 0.49 percent to 4.07 HK dollars. China Merchants Bank added 0.42 percent to 36.2 HK dollars. China Life, the largest life insurer in China, rose 1.52 percent to 43.5 HK dollars. Ping An advanced 1.03 percent to 87.95 HK dollars. Bank of Communications added 0.82 percent to 12.3 HK dollars.
China Telecom grew 2.59 percent to 6.34 HK dollars. (7.78 HK dollars = 1 U.S. dollar)
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