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Hong Kong's key index marks best opening day
By Hanny Wan |
January 3, 2009, Saturday
|
Print Edition
Print Edition
HONG Kong's benchmark stock index rose in the best opening day of the year since 1970, led by phone companies and oil producers on earnings outlooks.
China Mobile Ltd, the world's No. 1 phone company by market value, climbed 4.4 percent after the Chinese government said it would proceed with issuing licenses for high-speed wireless services. China Telecom Corp jumped 6.2 percent. CNOOC Ltd advanced 4.8 percent while PetroChina Co rallied 6 percent after a 14-percent jump in crude oil prices on Wednesday.
"In terms of strategy, we maintain a 'neutral' position because at the start of the year, we're still waiting for clients' confirmation," said John Koh, regional investment director at MEAG Hong Kong Ltd, which manages US$1.1 billion. For phone companies, receiving the licenses will "definitely contribute to the bottom line."
The Hang Seng Index added 655.33, or 4.6 percent, to 15,042.81, its highest close since December 19 and extending its advance this week to 6.1 percent. The gauge completed its best opening day of the year since at least 1970, as far back as Bloomberg News data go. Markets were shut on Thursday for New Year's holiday.
The index tumbled 48 percent last year, the most since 1974, as the global financial crisis dragged the world's largest economies into recessions. The Hang Seng Index is valued at 11 times estimated earnings, down from 18.7 times at the start of last year.
The Hang Seng China Enterprises Index, which tracks Chinese mainland companies' so-called H shares, climbed 5.4 percent to 8,314.11, its largest jump since December 10.
China Mobile advanced 4.4 percent to HK$81.20 (US$10.48), the biggest contributor to the Hang Seng's gain. China Telecom, the country's No. 1 fixed-line phone company, jumped 6.2 percent to HK$3.07. ZTE Corp, China's second-biggest phone-equipment maker, rallied 9.1 percent to HK$22.15.
China Mobile Ltd, the world's No. 1 phone company by market value, climbed 4.4 percent after the Chinese government said it would proceed with issuing licenses for high-speed wireless services. China Telecom Corp jumped 6.2 percent. CNOOC Ltd advanced 4.8 percent while PetroChina Co rallied 6 percent after a 14-percent jump in crude oil prices on Wednesday.
"In terms of strategy, we maintain a 'neutral' position because at the start of the year, we're still waiting for clients' confirmation," said John Koh, regional investment director at MEAG Hong Kong Ltd, which manages US$1.1 billion. For phone companies, receiving the licenses will "definitely contribute to the bottom line."
The Hang Seng Index added 655.33, or 4.6 percent, to 15,042.81, its highest close since December 19 and extending its advance this week to 6.1 percent. The gauge completed its best opening day of the year since at least 1970, as far back as Bloomberg News data go. Markets were shut on Thursday for New Year's holiday.
The index tumbled 48 percent last year, the most since 1974, as the global financial crisis dragged the world's largest economies into recessions. The Hang Seng Index is valued at 11 times estimated earnings, down from 18.7 times at the start of last year.
The Hang Seng China Enterprises Index, which tracks Chinese mainland companies' so-called H shares, climbed 5.4 percent to 8,314.11, its largest jump since December 10.
China Mobile advanced 4.4 percent to HK$81.20 (US$10.48), the biggest contributor to the Hang Seng's gain. China Telecom, the country's No. 1 fixed-line phone company, jumped 6.2 percent to HK$3.07. ZTE Corp, China's second-biggest phone-equipment maker, rallied 9.1 percent to HK$22.15.
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