Hang Seng climbs for 5th day
Source: Bloomberg News |
May 31, 2011, Tuesday
|
Print Edition
Print Edition
HONG Kong stocks advanced, with the Hang Seng Index climbing for a fifth day, as Li & Fung Ltd rebounded from a plunge last week and as oil producer Cnooc Ltd climbed after a report it sold part of a license.
Li & Fung, the biggest supplier to retailers including Wal-Mart Stores Inc, rose 3.8 percent after dropping as much as 7.3 percent last Friday. Cnooc, China's biggest offshore oil producer, increased as much as 1.5 percent after selling a 25 percent stake in a license to explore for hydrocarbons in Qatar to France's Total SA. Giordano International Ltd climbed to a record after Ming Pao Daily News said billionaire Cheng Yu-tung may increase his shareholding in the clothing retailer to a controlling stake.
"The market sentiment remains mixed," said Ben Kwong, chief operating officer at KGI Asia Ltd. "Overhang about further tightening in China is continuing to exercise some pressure on the local market. Some of the oversold shares are facing a rebound."
The Hang Seng Index climbed 0.3 percent to 23,184.32 at the close, after falling as much as 0.1 percent. Five stocks rose for every three that fell on the 45-member gauge. The Hang Seng China Enterprises Index of Chinese companies' H shares rose 0.3 percent to 13,004.31.
Li & Fung jumped 3.8 percent to HK$16.82 (US$2.16). The stock tumbled 7.4 percent in the previous two trading days after UBS AG cut its target price to HK$9 from HK$16.50 and lowered its earnings estimates.
Cnooc rose as much as 1.5 percent to HK$19.34. The company, which secured rights to the offshore concession two years ago, will retain a 75 percent stake and operate the area called Block BC, according to an e-mailed statement on Sunday.
Giordano International soared 7.5 percent to HK$7.17, its highest-ever close.
Li & Fung, the biggest supplier to retailers including Wal-Mart Stores Inc, rose 3.8 percent after dropping as much as 7.3 percent last Friday. Cnooc, China's biggest offshore oil producer, increased as much as 1.5 percent after selling a 25 percent stake in a license to explore for hydrocarbons in Qatar to France's Total SA. Giordano International Ltd climbed to a record after Ming Pao Daily News said billionaire Cheng Yu-tung may increase his shareholding in the clothing retailer to a controlling stake.
"The market sentiment remains mixed," said Ben Kwong, chief operating officer at KGI Asia Ltd. "Overhang about further tightening in China is continuing to exercise some pressure on the local market. Some of the oversold shares are facing a rebound."
The Hang Seng Index climbed 0.3 percent to 23,184.32 at the close, after falling as much as 0.1 percent. Five stocks rose for every three that fell on the 45-member gauge. The Hang Seng China Enterprises Index of Chinese companies' H shares rose 0.3 percent to 13,004.31.
Li & Fung jumped 3.8 percent to HK$16.82 (US$2.16). The stock tumbled 7.4 percent in the previous two trading days after UBS AG cut its target price to HK$9 from HK$16.50 and lowered its earnings estimates.
Cnooc rose as much as 1.5 percent to HK$19.34. The company, which secured rights to the offshore concession two years ago, will retain a 75 percent stake and operate the area called Block BC, according to an e-mailed statement on Sunday.
Giordano International soared 7.5 percent to HK$7.17, its highest-ever close.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
