HK stocks climb on solid gains in US jobs
Source: Bloomberg News |
May 10, 2011, Tuesday
|
Print Edition
Print Edition
HONG Kong stocks rose, driving the benchmark index to its first increase in nine days, after stronger-than-forecast growth in United States jobs bolstered confidence in the global economy.
HSBC Holdings Plc, which made 20 percent of its 2009 revenue in North America, rose 1.6 percent. Li & Fung Ltd, the biggest supplier to retailers including Wal-Mart Stores Inc, gained 0.6 percent. Cnooc Ltd, China's largest offshore oil producer, added 1.8 percent, while Jiangxi Copper Co, China's No. 1 producer of the metal, climbed 1.9 percent after commodity prices rose yesterday.
"We may see further extension of the current upward movement in the market," said Alex Wong, asset-management director at Ample Capital Ltd in Hong Kong. "The (US) jobs data is encouraging because the creation has been stronger than expected. There isn't much negative news, and a piece of encouraging data is helpful."
The Hang Seng Index gained 0.8 percent to close at 23,336, ending its longest losing streak since 2003. The Hang Seng China Enterprises Index of Chinese companies' H shares added 0.7 percent to 12,934.47.
HSBC rose 1.6 percent to HK$84 (US$11), the biggest contributor to the index. Its Asia-Pacific unit's return on equity in the first quarter is higher than 20 percent, the Apple Daily reported, citing unidentified people.
Li & Fung added 0.6 percent to HK$36.75, while Yue Yuen Industrial Holdings Ltd, which makes shoes for Nike Inc, gained 3.1 percent to HK$28.25.
Futures on the Standard & Poor's 500 Index were little changed yesterday. In New York, the index gained 0.4 percent last Friday as stronger-than-forecast growth in jobs bolstered confidence in the world's largest economy.
HSBC Holdings Plc, which made 20 percent of its 2009 revenue in North America, rose 1.6 percent. Li & Fung Ltd, the biggest supplier to retailers including Wal-Mart Stores Inc, gained 0.6 percent. Cnooc Ltd, China's largest offshore oil producer, added 1.8 percent, while Jiangxi Copper Co, China's No. 1 producer of the metal, climbed 1.9 percent after commodity prices rose yesterday.
"We may see further extension of the current upward movement in the market," said Alex Wong, asset-management director at Ample Capital Ltd in Hong Kong. "The (US) jobs data is encouraging because the creation has been stronger than expected. There isn't much negative news, and a piece of encouraging data is helpful."
The Hang Seng Index gained 0.8 percent to close at 23,336, ending its longest losing streak since 2003. The Hang Seng China Enterprises Index of Chinese companies' H shares added 0.7 percent to 12,934.47.
HSBC rose 1.6 percent to HK$84 (US$11), the biggest contributor to the index. Its Asia-Pacific unit's return on equity in the first quarter is higher than 20 percent, the Apple Daily reported, citing unidentified people.
Li & Fung added 0.6 percent to HK$36.75, while Yue Yuen Industrial Holdings Ltd, which makes shoes for Nike Inc, gained 3.1 percent to HK$28.25.
Futures on the Standard & Poor's 500 Index were little changed yesterday. In New York, the index gained 0.4 percent last Friday as stronger-than-forecast growth in jobs bolstered confidence in the world's largest economy.
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