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HK shares and HSBC notch up stunning gains
By Parvathy Ullatil |
April 3, 2009, Friday
|
Print Edition
Print Edition
HONG Kong shares soared 7.4 percent to a three-month high yesterday, with HSBC notching up its biggest daily advance in five months, joining a global bank rally spurred by encouraging United States data and an expected easing of accounting rules.
Shares in bourse operator Hong Kong Exchanges & Clearing rose 10.5 percent, on higher turnover in the market in recent sessions. Daily turnover topped HK$50 billion (US$6.45 billion) through most of last week.
Daily average turnover is a key indicator of the exchange's trading fees which make up nearly a fifth of its revenues.
The benchmark Hang Seng Index ended 1,002.43 points higher at 14,521.97 in its biggest single-day percentage gain in four months. Turnover jumped to a three-month high of HK$75.2 billion from Wednesday's HK$52.8 billion.
"We've seen a fair mix of short covering and genuine buying. Anybody who shorted the market in the last two months would have been compelled to cover their positions now," said Andrew Sullivan, a sales trader with MainFirst Securities. "On the other hand, fund managers who held off on buying so far are also getting involved." HSBC rallied 15.3 percent to HK$49.40, after touching HK$49.70 earlier - its highest level since it announced its cash call a month ago, as the technical overhang related to its massive US$18 billion rights issue subsided.
Wednesday was the last day of trading of the bank's nil-paid rights in London.
China Petroleum and Chemical Corp rallied 6.2 percent to HK$5.47 after Goldman Sachs raised its rating on the stock to "buy" from "neutral" as it sees financials of Chinese oil companies improving further.
See Shanghai stock market review on B3
Shares in bourse operator Hong Kong Exchanges & Clearing rose 10.5 percent, on higher turnover in the market in recent sessions. Daily turnover topped HK$50 billion (US$6.45 billion) through most of last week.
Daily average turnover is a key indicator of the exchange's trading fees which make up nearly a fifth of its revenues.
The benchmark Hang Seng Index ended 1,002.43 points higher at 14,521.97 in its biggest single-day percentage gain in four months. Turnover jumped to a three-month high of HK$75.2 billion from Wednesday's HK$52.8 billion.
"We've seen a fair mix of short covering and genuine buying. Anybody who shorted the market in the last two months would have been compelled to cover their positions now," said Andrew Sullivan, a sales trader with MainFirst Securities. "On the other hand, fund managers who held off on buying so far are also getting involved." HSBC rallied 15.3 percent to HK$49.40, after touching HK$49.70 earlier - its highest level since it announced its cash call a month ago, as the technical overhang related to its massive US$18 billion rights issue subsided.
Wednesday was the last day of trading of the bank's nil-paid rights in London.
China Petroleum and Chemical Corp rallied 6.2 percent to HK$5.47 after Goldman Sachs raised its rating on the stock to "buy" from "neutral" as it sees financials of Chinese oil companies improving further.
See Shanghai stock market review on B3
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