Sentiment boosts HK market
By Donny Kwok and Lu Jianxin |
February 12, 2010, Friday
|
Print Edition
Print Edition
HONG Kong shares rose yesterday for a third straight session as sentiment improved on easing worries over a potential rise in benchmark deposit and lending rates.
Investors' appetite for risk increased as concerns over further policy tightening on the Chinese mainland eased somewhat after the release of the mainland economic data, analysts said.
An unexpected slowdown in consumer inflation in January soothed concerns about the need for monetary tightening by mainland authorities.
The benchmark Hang Seng Index ended up 368.47 points at 20,290.69, its highest close in a week. The China Enterprises Index of top locally listed mainland stocks was up 2.09 percent at 11,582.31.
"The underlying tone of the market was still firm but investors were not aggressively buying ahead of the Lunar New Year holiday," said Patrick Yiu, a director at CASH Asset Management.
He expects the market to remain firm with the topside seen at 20,500.
However, some analysts took a pessimistic view.
"The (upward moving) momentum was not really strong without solid fundamental support and when the volume was near this year's low," said Linus Yip, strategist at First Shanghai Securities. "Though the market was up, sentiment could change anytime."
Market turnover fell to HK$52.94 billion (US$6.8 billion), the second lowest this year after January 4, from Wednesday's HK$59.62 billion.
Bank of East Asia, Hong Kong's fifth-largest lender, rose 3.9 percent to more than a one-week high before the shares ended at HK$27.50, still up 3 percent. The lender reported a net profit of HK$2.57 billion for 2009, beating a consensus forecast of HK$2.48 billion.
SMIC, China's biggest contract chip maker, rose 11.1 percent to a three-week high of HK$0.70 before ending at HK$0.67, up 6.4 percent. SMIC unveiled an overhaul of its top management, as it moves toward a goal of sustained profitability after the recent installation of a new chief executive.
The Bank of Communications rose 4.4 percent to HK$8.04, its highest in more than a week, before the stock ended at HK$7.95, up 3.8 percent. An investment arm of China's No. 5 lender has said it aims to raise US$250 million to US$500 million for a private equity fund.
Investors' appetite for risk increased as concerns over further policy tightening on the Chinese mainland eased somewhat after the release of the mainland economic data, analysts said.
An unexpected slowdown in consumer inflation in January soothed concerns about the need for monetary tightening by mainland authorities.
The benchmark Hang Seng Index ended up 368.47 points at 20,290.69, its highest close in a week. The China Enterprises Index of top locally listed mainland stocks was up 2.09 percent at 11,582.31.
"The underlying tone of the market was still firm but investors were not aggressively buying ahead of the Lunar New Year holiday," said Patrick Yiu, a director at CASH Asset Management.
He expects the market to remain firm with the topside seen at 20,500.
However, some analysts took a pessimistic view.
"The (upward moving) momentum was not really strong without solid fundamental support and when the volume was near this year's low," said Linus Yip, strategist at First Shanghai Securities. "Though the market was up, sentiment could change anytime."
Market turnover fell to HK$52.94 billion (US$6.8 billion), the second lowest this year after January 4, from Wednesday's HK$59.62 billion.
Bank of East Asia, Hong Kong's fifth-largest lender, rose 3.9 percent to more than a one-week high before the shares ended at HK$27.50, still up 3 percent. The lender reported a net profit of HK$2.57 billion for 2009, beating a consensus forecast of HK$2.48 billion.
SMIC, China's biggest contract chip maker, rose 11.1 percent to a three-week high of HK$0.70 before ending at HK$0.67, up 6.4 percent. SMIC unveiled an overhaul of its top management, as it moves toward a goal of sustained profitability after the recent installation of a new chief executive.
The Bank of Communications rose 4.4 percent to HK$8.04, its highest in more than a week, before the stock ended at HK$7.95, up 3.8 percent. An investment arm of China's No. 5 lender has said it aims to raise US$250 million to US$500 million for a private equity fund.
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