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Hong Kong stocks jump 2.4%
By Parvathy Ullatil |
00:00 UTC+8 July 18, 2009
|
Print Edition
Print Edition
HONG Kong shares jumped 2.4 percent in a fourth straight winning session yesterday as investors, cheered by strong earnings reports from United States companies and reassuring data from Chinese mainland, flocked to banking and property stocks.
The benchmark Hang Seng Index closed up 443.79 points at 18,805.66, gaining 6.2 percent in its best weekly advance in seven weeks.
Turnover dropped to HK$66.2 billion (US$8.5 billion) from HK$70.9 billion on Thursday.
Average daily turnover, which has been on the decline since a year-high of around HK$80 billion in May, has been languishing at an average HK$57 billion so far in July.
"Falling turnover is calling for more caution on the market's direction. Even if the index can make its way up to 20,000 points in the near term, it can change direction momentarily," said Alex Tang, research director with Core Pacific-Yamaichi International.
The China Enterprises Index, which represents top locally listed mainland stocks, finished up 2.2 percent, or 243.96, at 11,146.43.
Heavyweight HSBC led the charge with a 2.2 percent gain after its US peer JPMorgan trumped expectations with its quarterly earnings on Thursday.
"A number of companies have already issued profit warnings here, so earnings are likely to be mixed. Further upside seems relatively difficult once corporate results start pouring in. Investors would much rather put their money into the IPO market," said Ben Kwong, chief operating officer with KGI Asia.
China WindPower Group dropped 6.2 percent after saying it would sell 700 million new shares to major shareholder Gain Alpha in a top-up placement to raise HK$579 million to fund acquisitions and increase installed capacity.
Hisense Kelon Electrical Holdings increased 23.6 percent to HK$1.73 after agreeing to purchase assets from parent Qingdao Hisense for 1.24 billion yuan (US$181.5 million).
The benchmark Hang Seng Index closed up 443.79 points at 18,805.66, gaining 6.2 percent in its best weekly advance in seven weeks.
Turnover dropped to HK$66.2 billion (US$8.5 billion) from HK$70.9 billion on Thursday.
Average daily turnover, which has been on the decline since a year-high of around HK$80 billion in May, has been languishing at an average HK$57 billion so far in July.
"Falling turnover is calling for more caution on the market's direction. Even if the index can make its way up to 20,000 points in the near term, it can change direction momentarily," said Alex Tang, research director with Core Pacific-Yamaichi International.
The China Enterprises Index, which represents top locally listed mainland stocks, finished up 2.2 percent, or 243.96, at 11,146.43.
Heavyweight HSBC led the charge with a 2.2 percent gain after its US peer JPMorgan trumped expectations with its quarterly earnings on Thursday.
"A number of companies have already issued profit warnings here, so earnings are likely to be mixed. Further upside seems relatively difficult once corporate results start pouring in. Investors would much rather put their money into the IPO market," said Ben Kwong, chief operating officer with KGI Asia.
China WindPower Group dropped 6.2 percent after saying it would sell 700 million new shares to major shareholder Gain Alpha in a top-up placement to raise HK$579 million to fund acquisitions and increase installed capacity.
Hisense Kelon Electrical Holdings increased 23.6 percent to HK$1.73 after agreeing to purchase assets from parent Qingdao Hisense for 1.24 billion yuan (US$181.5 million).
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