Stocks News
- HK stocks gain 1.21% at new record
Date: 11-Oct-2007 Sources: (Xinhua Online)
HONG KONG, Oct. 10 (Xinhua) -- Hong Kong stocks advanced 1.21 percent to close at 28,569.33, the best closing in history after breaking the previous record of 28,228.04 set on Tuesday.
Trading remained volatile Wednesday as investors eyeing different directions wrestled their strength after the blue-chip Hang Seng Index soared to record high.
The benchmark Hang Seng Index surged 426.91 points, or 1.51 percent, to open at 28,654.95 but narrowed its gains in the afternoon before closing 341.29 points, or 1.21 percent, at 28,569. 33.
Turnover rose to 153.78 billion HK dollars (19.72 billion U.S. dollars) from Tuesday's 129.05 billion HK dollars (16.65 billion U. S. dollars).
China Mobile, the market's largest stock measured by capitalization and the country's largest handset operator, advanced 1.77 percent to 132 HK dollars.
HSBC, the market's second largest stock and Hong Kong's biggest bank, dipped 0.33 percent to 149.2 HK dollars.
MTR, Hong Kong's subway transporter, moved turned down 1.76 percent to 25.15 HK dollars after it proposed merger with KCR, the city's railway company, was cleared on Tuesday.
ICBC, China's largest lender, was the major contributor to the market's gains by jumping 8.98 percent to all-time high 6.92 HK dollars, propelling the index by 108.97 points.
Property counters were mixed. Cheung Kong slid 0.67 percent to 133.2 HK dollars. SHK Properties lost 1.77 percent to 133 HK dollars. Henderson Land gained 1.14 percent to 61.95 HK dollars. Hutchison added 0.48 percent to 83.9 HK dollars. New World Development rose 2.73 percent to 22.6 HK dollars. Sinoland moved up 0.52 percent to 19.24 HK dollars. Hang Lung Prop jumped 3.54 percent to 36.6 HK dollars.
H-share index, which reflected the performance of state-owned companies registered in China's mainland, rose 445.21 points or 2.5 percent to 18,285.92.
Oil sectors were higher. PetroChina, the country's largest oil producer, gained 2.1 percent to 14.58 HK dollars despite Buffet's sell down. Sinopec, Asia's largest oil refiner, rose 2.21 percent to 10.18 HK dollars. CNOOC, China's largest offshore oil producer, surged 4.05 percent to 12.86 HK dollars.
Mainland-registered banking and insurer stocks were stronger. CCB, China's second-largest bank, gained 1.5 percent to 7.44 HK dollars. Bank of China, the country's third-largest bank, roared 4. 05 percent to 4.63 HK dollars. China Merchants Bank increased 1.94 percent to 36.75 HK dollars. CITIC Bank added 1.63 percent to 6.24 HK dollars. Bank of Communications remained unchanged at 11.28 HK dollars after Tuesday's 12 percent upsurge on rumors that HSBC will raise its stake in the Chinese lender.
China Life, the country's largest life insurer, added 1.53 percent to 49.8 HK dollars. Ping An rose 249 percent to 111.3 HK dollars.
Cement companies shined. CNBM soared 17 percent to 29.3 HK dollars. Anhui Conch rocketed 21 percent to 82.14 HK dollars.
Sportswear producer China Dongxiang shot up 36.4 percent from its offering price to 5.43 HK dollars in its dazzling debut. (7.75HK dollars = 1 U.S. dollars)
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