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HK stock market gets lift from recovery hopes
By Parvathy Ullatil |
September 12, 2009, Saturday
|
Print Edition
Print Edition
HONG Kong shares rose yesterday after August data signaled a recovery was well on track on the Chinese mainland.
The mainland industrial output, investment and credit all grew more quickly than expected in August, suggesting the economy was gaining a more solid footing and supporting recovery hopes across Asia, lifting shares and currencies.
The benchmark Hang Seng Index added 91.86 points to 21,161.42, its highest closing level since August 2008.
The gauge gained 4.2 percent in its biggest weekly rally in six weeks.
But the index fell off early highs, with investors reluctant to bet on further upside as stock valuations are seen racing ahead of the potential recovery in corporate bottom lines. The index has piled on more than 1,600 points since last Wednesday.
Turnover dropped to a skimpy HK$61.04 billion (US$7.8 billion) from HK$67.6 billion on Thursday.
"The technical charts indicate that it's time for a correction but with plenty of IPOs about to hit the market this month, the underwriters will step in and support the index," said Patrick Shum, president with BMI Funds Management.
The China Enterprises Index, which represents top locally listed mainland stocks, gained 0.4 percent at 12,268.21.
Energy stocks climbed, with offshore oil producer CNOOC gaining 2.2 percent to HK$11.02 after oil prices extended a four-day rally to more than US$72 a barrel yesterday.
The mainland industrial output, investment and credit all grew more quickly than expected in August, suggesting the economy was gaining a more solid footing and supporting recovery hopes across Asia, lifting shares and currencies.
The benchmark Hang Seng Index added 91.86 points to 21,161.42, its highest closing level since August 2008.
The gauge gained 4.2 percent in its biggest weekly rally in six weeks.
But the index fell off early highs, with investors reluctant to bet on further upside as stock valuations are seen racing ahead of the potential recovery in corporate bottom lines. The index has piled on more than 1,600 points since last Wednesday.
Turnover dropped to a skimpy HK$61.04 billion (US$7.8 billion) from HK$67.6 billion on Thursday.
"The technical charts indicate that it's time for a correction but with plenty of IPOs about to hit the market this month, the underwriters will step in and support the index," said Patrick Shum, president with BMI Funds Management.
The China Enterprises Index, which represents top locally listed mainland stocks, gained 0.4 percent at 12,268.21.
Energy stocks climbed, with offshore oil producer CNOOC gaining 2.2 percent to HK$11.02 after oil prices extended a four-day rally to more than US$72 a barrel yesterday.
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