Hong Kong shares close higher in technical rebound - UPDATE |
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Wed, 14 Feb 2007 10:20
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HONG KONG (XFN-ASIA) - Share prices closed higher in a technical rebound after steep falls yesterday, with Wall Street's strong gains overnight helping overall sentiment, dealers said.China Mobile, HSBC and property stocks supported the key index, though trading was mostly focused on small caps such as Zhongtian International and China Seven Star, they said.The Hang Seng Index closed up 77.66 points or 0.39 pct at 20,209.91, off a low of 20,184.69 and high of 20,330.37.Turnover was 42.88 bln hkd.'The market rose due to a technical rebound after yesterday's sell-off. But overall, the market is weak and lacks momentum to go higher,' said Kenny Tang, associate director at Tung Tai Securities.'But interest is strong on small caps... whose upside was supported by sufficient liquidity,' he said, adding that investors have turned to small caps as most blue chips have risen substantially in the market's recent run-up.Among small caps, China Seven Star surged 0.22 hkd or 31.43 pct to 0.92. The stock was among the most heavily traded stocks today with turnover reaching 947 mln hkd, next to Hutchison Whampoa's 996.56 mln and HSBC's 1.02 bln.Other notable gainers in lower liners were Zhongtian International, which doubled to 0.35 hkd from 0.175, and Eforce Holdings which surged 0.29 hkd or 33 pct to 0.117.Among large caps, China Mobile gained 0.40 hkd or 0.55 pct to 72.80 while HSBC was up 0.30 hkd or 0.22 pct at 139.50.Other local banks were mixed, with Hang Seng Bank gaining 1.70 hkd or 1.59 pct at 108.80, Bank of East Asia flat at 47.10 and BOC Hong Kong down 0.05 hkd or 0.24 at 20.50.Hutchison Whampoa finished down 0.05 hkd or 0.06 pct at 79.20 after early gains, while unit Hutchison Telecom was up 0.12 hkd or 0.74 pct at 16.40 after tumbling 15 pct yesterday.Property stocks moved in line with the market, with the sectoral index gaining 129.70 points or 0.53 pct at 24,382.12.Sun Hung Kai Properties gained 0.35 hkd or 0.37 pct at 94.35, Henderson Land was up 0.45 hkd or 1.0 pct at 45.60 and Sino Land up 0.24 hkd or 1.35 pct at 18.02, while Cheung Kong was flat at 101.30.Shui On Land was up 0.23 hkd or 3.47 pct at 6.86 after news that it will be added to the MSCI Standard Index.Manulife Financial Corp was down 1.60 hkd or 0.59 pct at 271.80 on profit-taking after its results announcement. The company reported fourth-quarter to December net profit of 1.10 bln cad, against 908.0 mln a year earlier.Among China financials, China Construction Bank was up 0.02 hkd or 0.42 pct at 4.81, ICBC down 0.01 hkd or 0.22 pct at 4.60, Bank of China down 0.01 hkd or 0.26 pct at 3.87 and Bank of Communications flat at 8.52.Ping An Insurance was down 0.25 hkd or 0.65 pct at 38.10 on profit-taking after news that it has fixed the price for its initial public offering in Shanghai at 33.8 yuan, the top end of the indicated range.Among other China stocks, Chalco gained 0.31 hkd or 3.86 pct at 8.34, PetroChina was up 0.02 hkd or 0.21 pct at 9.51 and China Unicom rose 0.04 hkd or 0.39 pct to 10.18.(1 usd = 7.8 hkd)leonora.walet@xfn.comlw/rc
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Hong Kong shares end morning higher on rebound triggered by DJIA's fresh record 