Stocks News
- Hong Kong stocks close at another record high
Date: 21-Sep-2007 Sources: (Xinhua Online)
HONG KONG, Sept. 20 (Xinhua) -- Hong Kong share prices continued to rise on Thursday and closed at another record high of25,701 points, after the benchmark Hang Seng index soared nearly 4percent on Tuesday.
The Hang Seng index opened at 25,638.31, up 83.67 points, and closed 0.57 percent higher. But turnover shrank to 118.9 billion HK dollars (15.29 billion U.S. dollars) from Wednesday's record of139 billion.
The rise of Hong Kong stocks was backed by further gains in Wall Street overnight after the Fed's rate cut earlier this week and the rate cut by major local banks.
Analysts said that they expect the local market to continue rising in the short term on abundant liquidity, but also cautioned about volatility.
Aviation stocks outperformed the market on rumors of an imminent industry restructuring. China Eastern Airlines soared 23 percent to 8.65 percent, China Southern Airlines gained 7.7 percent to 12.92 HK dollars, Air China put on 13 percent to 11.66 percent.
Heavyweight China Mobile, the country's largest mobile phone operator by subscribers, rose 1.5 percent to a record close of 112. 70 HK dollars after it said it added 5.59 million new users in August, taking its total number of subscribers to 343.56 million.
Property companies fell, however, on profit-taking. The property sub-index dropped 1.67 percent, after it rose 7.2 percent Wednesday. (One U.S. dollar equals 7.775)
Sponsor Results:
