HK stocks trim earlier gains to end firmer
By Donny Kwok and Claire Zhang |
December 23, 2009, Wednesday
|
Print Edition
Print Edition
HONG Kong shares trimmed earlier gains to end firmer yesterday, shaking off five straight sessions of losses.
Tracking the softer Chinese mainland market, the benchmark Hang Seng Index trimmed gains to end 0.69 percent higher, or 143.94 points, at 21,092.04, rebounding from a two-and-a-half month low on Monday.
"Bargain-hunting interest was noted for Chinese banks and property issues when they appeared attractive after a correction," said Andrew To, a sales director at Tai Fook Securities. "The stocks tracked an unexpected drop in the mainland market and trimmed gains."
Banks rebounded after a recent sell-off but the upside was capped by concern over further Chinese measures to temper property speculation. China Construction Bank climbed 2.07 percent to HK$6.41 (83 US cents) and the Bank of China gained 0.99 percent to HK$4.09.
The Industrial and Commercial Bank of China climbed 2.62 percent to HK$6.27, with the lender denying yesterday that it had plans to buy a stake in Taiwan's Cathay Financial.
Index heavyweight HSBC rebounded 0.75 percent from a near eight-week low on Monday, while insurer China Life gained 1.52 percent.
Turnover fell to HK$45.96 billion, from HK$49.69 billion traded on Monday.
The China Enterprises Index of top locally listed mainland stocks closed 1.2 percent higher at 12,349.86.
Brokers said concerns over the strength of the United States dollar and potential capital outflows were slowing the rise.
Hong Kong's central bank said on Monday it was not worried about an outflow of capital, which pushed the Hong Kong dollar to its lowest level since March. It attributed the outflows to repatriation of money raised in stock market listings and year-end demand for the US dollar.
Investors betting on less policy-sensitive sectors boosted demand for consumer related issues, with China Resources Enterprise advancing 1.69 percent. Geely, which fell to a four-week low on Monday, rebounded 4.21 percent.
China Eastern Airlines rose 3.2 percent after it said it would invest up to 352 million yuan (US$52 million) in the construction of Hefei's international airport in east China's Anhui Province.
Tracking the softer Chinese mainland market, the benchmark Hang Seng Index trimmed gains to end 0.69 percent higher, or 143.94 points, at 21,092.04, rebounding from a two-and-a-half month low on Monday.
"Bargain-hunting interest was noted for Chinese banks and property issues when they appeared attractive after a correction," said Andrew To, a sales director at Tai Fook Securities. "The stocks tracked an unexpected drop in the mainland market and trimmed gains."
Banks rebounded after a recent sell-off but the upside was capped by concern over further Chinese measures to temper property speculation. China Construction Bank climbed 2.07 percent to HK$6.41 (83 US cents) and the Bank of China gained 0.99 percent to HK$4.09.
The Industrial and Commercial Bank of China climbed 2.62 percent to HK$6.27, with the lender denying yesterday that it had plans to buy a stake in Taiwan's Cathay Financial.
Index heavyweight HSBC rebounded 0.75 percent from a near eight-week low on Monday, while insurer China Life gained 1.52 percent.
Turnover fell to HK$45.96 billion, from HK$49.69 billion traded on Monday.
The China Enterprises Index of top locally listed mainland stocks closed 1.2 percent higher at 12,349.86.
Brokers said concerns over the strength of the United States dollar and potential capital outflows were slowing the rise.
Hong Kong's central bank said on Monday it was not worried about an outflow of capital, which pushed the Hong Kong dollar to its lowest level since March. It attributed the outflows to repatriation of money raised in stock market listings and year-end demand for the US dollar.
Investors betting on less policy-sensitive sectors boosted demand for consumer related issues, with China Resources Enterprise advancing 1.69 percent. Geely, which fell to a four-week low on Monday, rebounded 4.21 percent.
China Eastern Airlines rose 3.2 percent after it said it would invest up to 352 million yuan (US$52 million) in the construction of Hefei's international airport in east China's Anhui Province.
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