Interest In Lenders Helps HK Shares Make Small Gains
By Jun Ebias and Farah Master |
March 25, 2010, Thursday
|
Print Edition
Print Edition
SHARES in Hong Kong eked out small gains yesterday as upbeat results from the Bank of China and unit BOC Hong Kong stoked buying interest in banking stocks.
Hong Kong's benchmark Hang Seng Index closed up 0.1 percent at 21,008 points, its third straight gain in four days. Turnover fell for a fifth day to HK$52 billion (US$6.7 billion) from Tuesday's HK$53.6 billion, way below this year's peak of HK$104.2 billion on January 22.
"The Hong Kong market lacks buying momentum, and you can see that turnover is still at low levels," said Kenny Tang, research head at Redford Securities. "The market is still focused on corporate results announcements, so most buying interest is going to individual stocks, particularly those with better results."
BOC Hong Kong ended up 2.6 percent at its highest in more than two months after it reported that its 2009 net profit more than quadrupled.
Parent BOC fell 0.5 percent after rising 1.8 percent on Tuesday ahead of the results announcement.
Hong Kong's benchmark Hang Seng Index closed up 0.1 percent at 21,008 points, its third straight gain in four days. Turnover fell for a fifth day to HK$52 billion (US$6.7 billion) from Tuesday's HK$53.6 billion, way below this year's peak of HK$104.2 billion on January 22.
"The Hong Kong market lacks buying momentum, and you can see that turnover is still at low levels," said Kenny Tang, research head at Redford Securities. "The market is still focused on corporate results announcements, so most buying interest is going to individual stocks, particularly those with better results."
BOC Hong Kong ended up 2.6 percent at its highest in more than two months after it reported that its 2009 net profit more than quadrupled.
Parent BOC fell 0.5 percent after rising 1.8 percent on Tuesday ahead of the results announcement.
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