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November 20, 2009

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Home » Business » Finance

HK stocks decline as investors take profit

HONG Kong shares fell to profit-taking for a third session yesterday, but China Mobile outperformed after it said its business had rebounded to pre-crisis levels.

The benchmark Hang Seng Index closed down 0.86 percent, or 197.71 points, at 22,643.16. The index had lost 1.3 percent since Tuesday, when it closed at a 16-month high.

Turnover fell to HK$69.3 billion (US$8.94 billion) from HK$76.7 billion on Wednesday, the highest since October 29.

"Some weakness in economic data in the US resulted in more profit-taking," said Steven Lam, vice-president at Karl-Thomson Securities. "The market is not yet convinced that the global economy has really recovered. Investors need more data."

The market saw two debutants. Longfor Proporties gained 13.3 percent and China Tontine Wines surged 18.4 percent.

Index heavyweight China Mobile rose 1.71 percent.

Developer Sino Land climbed 1.72 percent and Cheung Kong gained 0.62 percent. Hong Kong will auction two residential sites in December, the first large-scale sales in two years, to boost land supply.

The China Enterprise Index of top locally listed Chinese mainland stocks shed 1.59 percent to 13,470.98.

China Resources jumped 3.64 percent after it posted a 55 percent rise in quarterly profit.

GCL-Poly Energy Holdings rose 8.23 percent after it said it would sell 20 percent of its enlarged share capital to China Investment Corp, the country's sovereign wealth fund.

Skyworth Digital was up 6.01 percent. The Chinese television maker said its estimated profit rose more than five times.

GOME Electrical Appliances rose 3.8 percent on its plan to repurchase convertible bonds due in 2014 by way of an on-market purchase.

Trading company Foxconn International lost 2.76 percent and Li & Fung slid 2.45 percent on worries about the United States recovery, after the latest data showed housing starts in October fell to the lowest level in six months.

China Strategic Holdings lost 7.81 percent, erasing Wednesday's 6.67 percent gain after it agreed to sell its 30 percent stake in AIG's Taiwan Life insurance unit.


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