HK stocks rebound from 1-week lows
By Sui-Lee Wee and Lu Jianxin |
00:00 UTC+8 February 23, 2010
|
Print Edition
Print Edition
HONG Kong shares bounced back from one-week lows yesterday after a relatively steady finish in Shanghai and gains on Wall Street boosted investor appetite for battered banking stocks.
Turnover was at HK$43.9 billion (US$5.65 billion), hovering near one-month lows, versus last Friday's HK$42.89 billion, suggesting that most investors were taking a wait-and-see attitude, worried about further monetary tightening measures from Chinese mainland and the United States.
"People are still extremely cautious," said Alex Wong, director at Ample Finance Group. "They are not convinced that the market will move up sharply from here.
"Unless we see some clear direction, it's better to stay put because in a thin market, movement can be quick," he said. "People have to wait for more fundamental bullish reasons before they can act."
The Hang Seng Index ended up 2.43 percent or 483.25 points at 20,377.27, posting its biggest one-day percentage gain in more than two months.
"I think it's going to be tough to challenge the 21,000 level," said Alfred Chan, chief dealer at Cheer Pearl Investments. "The direction is not clear cut. People are uncertain about the strength of the US dollar, the Hong Kong dollar and liquidity in Hong Kong."
The China Enterprises Index of top locally listed mainland stocks closed up 2.27 percent at 11,519.56.
Hang Seng heavyweight HSBC Holdings, one of the world's leading banks, rose 3.2 percent. China's top lender the Industrial and Commercial Bank of China rose 1.5 percent, while China Overseas Land gained 1.2 percent.
Turnover was at HK$43.9 billion (US$5.65 billion), hovering near one-month lows, versus last Friday's HK$42.89 billion, suggesting that most investors were taking a wait-and-see attitude, worried about further monetary tightening measures from Chinese mainland and the United States.
"People are still extremely cautious," said Alex Wong, director at Ample Finance Group. "They are not convinced that the market will move up sharply from here.
"Unless we see some clear direction, it's better to stay put because in a thin market, movement can be quick," he said. "People have to wait for more fundamental bullish reasons before they can act."
The Hang Seng Index ended up 2.43 percent or 483.25 points at 20,377.27, posting its biggest one-day percentage gain in more than two months.
"I think it's going to be tough to challenge the 21,000 level," said Alfred Chan, chief dealer at Cheer Pearl Investments. "The direction is not clear cut. People are uncertain about the strength of the US dollar, the Hong Kong dollar and liquidity in Hong Kong."
The China Enterprises Index of top locally listed mainland stocks closed up 2.27 percent at 11,519.56.
Hang Seng heavyweight HSBC Holdings, one of the world's leading banks, rose 3.2 percent. China's top lender the Industrial and Commercial Bank of China rose 1.5 percent, while China Overseas Land gained 1.2 percent.
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