Investors worry over tighter policies
By Donny Kwok and Claire Zhang |
March 12, 2010, Friday
|
Print Edition
Print Edition
HONG Kong stocks ended marginally firmer yesterday as worries over monetary tightening weighed after the latest economic data from the Chinese mainland showed a pick-up in inflation.
In Hong Kong, buying interest retreated on renewed fear of monetary tightening by the mainland, sending top lender the Industrial and Commercial Bank of China down 1.35 percent to its lowest close in a week at HK$5.83 (75 US cents).
The Bank of China fell 1.49 percent to a week low of HK$3.97. The chairman of China's fourth-largest lender by assets said the bank wanted to issue additional Hong Kong-listed H-shares in a follow-on offering equal to 20 percent of its existing H-share capital.
The Hang Seng Index was up 0.09 percent, or 19.91 points, at 21,228.20, ending a fifth straight session in positive territory. The China Enterprises Index of top locally listed mainland stocks ended down 0.39 percent at 12,170.04.
Turnover increased to HK$57.30 billion from Wednesday's HK$55.15 billion.
"A medium-term uptrend is likely to be established, and the market is in the process of building up momentum for a further rise," said Linus Yip, strategist at First Shanghai Securities. "Since monetary tightening concern may cloud the market for a while, it is likely to be a good opportunity to bet for a short rebound in stocks such as Chinese banks."
Swire Pacific rose 1.09 percent after it posted a 62 percent rise in profit.
CITIC Pacific and Cathay Pacific extended their gains after their forecast-beating earnings in the previous session, rising a respective 4.32 percent and 1.84 percent.
China Mobile rose 1.62 percent to HK$75.35.
In Hong Kong, buying interest retreated on renewed fear of monetary tightening by the mainland, sending top lender the Industrial and Commercial Bank of China down 1.35 percent to its lowest close in a week at HK$5.83 (75 US cents).
The Bank of China fell 1.49 percent to a week low of HK$3.97. The chairman of China's fourth-largest lender by assets said the bank wanted to issue additional Hong Kong-listed H-shares in a follow-on offering equal to 20 percent of its existing H-share capital.
The Hang Seng Index was up 0.09 percent, or 19.91 points, at 21,228.20, ending a fifth straight session in positive territory. The China Enterprises Index of top locally listed mainland stocks ended down 0.39 percent at 12,170.04.
Turnover increased to HK$57.30 billion from Wednesday's HK$55.15 billion.
"A medium-term uptrend is likely to be established, and the market is in the process of building up momentum for a further rise," said Linus Yip, strategist at First Shanghai Securities. "Since monetary tightening concern may cloud the market for a while, it is likely to be a good opportunity to bet for a short rebound in stocks such as Chinese banks."
Swire Pacific rose 1.09 percent after it posted a 62 percent rise in profit.
CITIC Pacific and Cathay Pacific extended their gains after their forecast-beating earnings in the previous session, rising a respective 4.32 percent and 1.84 percent.
China Mobile rose 1.62 percent to HK$75.35.
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