Stocks News
- HK shares end above 30,000 points on hope of U.S. rate cut
Date: 29-Oct-2007 Sources: (Xinhua Online)
Property stocks led Hong Kong's benchmark index into its second consecutive day of record close Friday, on hopes of another U.S. interest rate cut next week.
The blue-chip Hang Seng Index rose 1.8 percent to a record close of 30,405.22, after trading between 29,932.64 and an all- time intraday high of 30,562.63 during the session. Turnover totaled 157.38 billion HK dollars (20.33 billion U.S. dollars), down from 165.18 billion HK dollars (21.34 billion U.S. dollars) Thursday.
All the four categories gained ground. The property jumped 5 percent, followed by the Commerce and Industry at 2.66 percent, the Utilities at 0.95 percent and the Finance at 0.49.
Sino Land, the biggest blue-chip gainer, surged 12.6 percent to 24.65 HK dollars. Henderson Land climbed 4.9 percent to 64.85 HK dollars. Sun Hung Kai Properties rose 4 percent to 153.60 HK dollars. Tycoon Li Ka-shing's property flagship Cheung Kong gained 5.2 percent to 145.50 HK dollars.
Bucking the downward trend of China-related stocks, Industrial and Commercial Bank of China rose 2.1 percent to 7.16 HK dollars, after target price upgrades by investment banks.
PetroChina fell 0.52 percent to 19.02 HK dollars.
On Chinese telecom stocks front, heavyweight China Mobile was up 0.92 percent, while Netcom up 1.74 percent, China Unicom up 5. 06 percent, and China Telecom up 1.26 percent.
ICBC that subscribed for a 20 percent stake in the Standard Bank added 2.14 percent. Bank of China proposing to expand its retail banking business in UK through mergers and acquisitions climbed 1.52 percent.
Insurance stocks put in mixed shows. Ping An was down 1.84 percent despite a 3.5-time three-month profit growth, while China Life was up 0.49 percent, PICC P&C down 0.12 percent, and China Insurance up 2.04 percent.
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