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September 2, 2009

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HK Stocks Have Modest Rebound

HONG Kong stocks staged a modest rebound of 0.75 percent yesterday to close at 19,872.30, tracking a recovery in Chinese mainland's stock market. Turnover for the day fell sharply to HK$54.75 billion (US$7.07 billion) from Monday's HK$67.32 billion.

Analysts said it is still too early to say whether the blue-chip index has bottomed since falling 5.7 percent from its year high of 21,074 on August 11. They added that the index will find significant resistance at the 20,000-point level, given the volatility in Chinese markets.

All four major categories gained ground, with utilities rising most at 1.66 percent, property companies 1.11 percent, finance companies 0.78 percent and commerce and industry improving 0.49 percent.


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