Stocks News
- Hong Kong stocks hit new record high
Date: 16-Jul-2007 Sources: (Xinhua Online)
HONG KONG, July 13 (Xinhua) -- Hong Kong stocks surged 290 points to close at 23,099 Friday, resetting fresh record both for the benchmark index and the market capitalization.
The bull rally Friday was led by China Mobile and bolstered by the overnight surge in Wall Street. China Mobile jumped 3.26 percent at 91.95 HK dollars after once setting a new high of 92.7 HK dollars (11.86 U.S. dollars).
And for the first time, the market capitalization surpassed 17 trillion HK dollars.
The benchmark Hang Seng Index shot past the key 23,000 resistances at the open to set a new top at 23,239.92. It ended theday up 290.27 points at 23,099.29 for a 2.5 percent weekly gain. However, turnover shrank to 80.4 billion HK dollars compared with 91.4 billion HK dollars on Thursday.
The China Enterprises Index of mainland companies listed in Hong Kong rose 1.3 percent, or 163.46 points, to 13,200.57, with its new high now at 13,335.21. The index rose 4.1 percent for the week.
The three mainland insurers sustained strength amid hopes over 'Insurance QDII' to be imminent and upbeat comments by investment banks. China Life, Ping An and PICC P&C added 1.81 percent to 3.83percent.
The six banks were little changed. CCB and ICBC climbed 1.38 percent and 0.63 percent. CM Bank was up 0.72 percent, and CITIC Bank up 0.16 percent. Bank of China and Bankcomm dipped 0.11 percent to 0.24 percent.
Bank stock HSBC was up 0.49 percent, Hang Seng Bank up 0.74 percent, Bank of East Asia up 0.43 percent, BOC HK up 0.2 percent, and Stan Chart up 1.94 percent.
On resource stocks side, Petro China and Sinopec Corp mounted 0.98 percent and 0.11 percent; coal stocks received upbeat comment from investment banks, China Shenhua, Yanzhou Coal and China Coal up 2.04 percent to 3.4 percent.
Mainland property plays were in the spotlight after the yuan's surge against the dollar this week. KWG Property Holdings gained 5.9 percent to 8.61 HK dollars and Country Garden Holdings leapt 5.2 percent to 7.3 HK dollars.
Citigroup said in a report earlier this week that fund inflows to Asian dedicated equity funds were 1 billion U.S. dollars in the week ended July 4, a reversal from an average outflow of 191 million U.S. dollars per week in the second quarter. (One U.S. dollar equals 7.81 HK dollars).
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