Stocks News
- HK stocks cross over 28,000 mark in volatile trading
Date: 10-Oct-2007 Sources: (Xinhua Online)
HONG KONG, Oct. 9 (Xinhua) -- Hong Kong stocks made a sudden projection in the last 30 minutes Tuesday, sending the blue-chip Hang Seng Index up by 457.75 points, or 1.65 percent, to close above psychological 28,000 mark at 28,228.04.
Trading remained volatile Tuesday as investors eyeing different directions tried to set the tune for future movement.
The benchmark Hang Seng Index opened 46.82 points, or 0.17 percent, higher at 27,817.11 but fell as much as 278.36 points, or 1 percent, to lowest 27,491.93 during the morning session due to short-selling moves.
The market regained momentum from demands for property, oil and banking shares when trading was resumed in the afternoon session, driving up the index to close near day high 28,238.31 at 28,228.04.
Turnover softened to 129.05 billion HK dollars (16.65 billion U. S. dollars) from Monday's 154.06 billion HK dollars (19.88 billion U.S. dollars).
China Mobile, the market's largest stock measured by capitalization and the country's largest handset operator, added 0. 86 percent to 129.7 HK dollars after paring its early loss.
HSBC, the market's second largest stock and Hong Kong's biggest bank, dipped 0.07 percent to 149.7 HK dollars.
Bank of Communications was the best-performing blue-ship stock as it once rocketed 13 percent to all-time 11.38 HK dollars before softened a little bit to close 12.58 percent higher at 11.28
Property counters rebounded as reports said Chief Executive Donald Tsang's will announce tax cut measures in his coming Policy Address on Wednesday. Cheung Kong soared 6 percent to 134.1 HK dollars. SHK Properties shot up 4.6 percent to 135.4 HK dollars. Hang Lung Prop jumped 4 percent to 35.35 HK dollars. Henderson Land gained 2 percent to 61.25 HK dollars.
H-share index, which reflected the performance of state-owned companies registered in China's mainland, rose 328.89 points or 1.88 percent to 17,840.71.
Oil sectors reversed its early losses to close higher. PetroChina, the country's largest oil producer, gained 1.28 percent to 14.28 HK dollars after falling to its intra-day lowest 13.7 HK dollars. Sinopec, Asia's largest oil refiner, jumped 4.84 percent to 9.96 HK dollars. CNOOC, China's largest offshore oil producer, advanced 3.34 percent to 12.36 HK dollars.
Mainland-registered banking and insurer stocks were stronger. ICBC, China's biggest lender, rose 1.44 percent to 6.35 HK dollars. CCB, China's second-largest bank, added 0.55 percent to 7.33 HK dollars. Bank of China, the country's third-largest bank, went up 0.45 percent to 4.45 HK dollars. China Merchants Bank jumped 3 percent to 36.05 HK dollars. CITIC Bank added 1.15 percent to 6.14 HK dollars.
China Life, the country's largest life insurer, remained unchanged at 49.05 HK dollars. Ping An rose 2 percent to 108.6 HK dollars.
Kingsoft exploded 38.89 percent higher to 5 HK dollars than its offering price during its debut. Property company Aoyuan made a stronger-than-expected debut by jumping 30.77 percent to 6.8 HK dollars. (7.7510 HK dollars = 1 U.S. dollar)
Sponsor Results:
