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November 7, 2009

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HK shares climb on US data

HONG Kong shares climbed yesterday, spurred by gains on Wall Street and encouraging United States data.

The benchmark Hang Seng Index closed up 1.63 percent, or 350.64 points, at 21,829.72, its highest in more than a week. For the week, the index was up 0.35 percent, rebounding from the previous week's 3.7-percent drop.

Turnover rose to HK$64.43 billion (US$8.3 billion) from HK$60.77 billion on Thursday.

"It's a straight forward follow-through on Wall Street," said Howard Gorges, managing director at South China Financial. "The pressures came off regarding interest rates after the Fed meeting, and we have had good economic data recently in the US."

The market may extend gains next week, he added.

"The last couple of weeks, we've been in a dead end, and now we can start to break out. Provided nothing big shakes the market, next week we could break the 22,000 level," Gorges said.

The China Enterprise Index of top locally listed Chinese mainland stocks rose 1.66 percent to 13,017.20.


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