Hong Kong shares close at record after Hu speech, Chinese fund inflows |
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Published
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Mon, 15 Oct 2007 09:18
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HONG KONG (Thomson Financial) - Hong Kong shares closed at a record high Monday with investors heartened by Chinese President Hu Jintao's promise to improve the mainland's capital markets in a speech marking the opening of China's Communist Party congress today.The entry of capital from Chinese fund managers and banks allowed to buy Hong Kong shares under the Qualified Domestic Institutional Investor (QDII) program also helped spur a rally in the market.'There is continued inflow of funds from China using the QDII vehicle. If you add all the inflows from the three-accredited QDIIs plus the QDII products generated by banks, brokerage houses, securities companies, we are talking about 20 billion to 30 billion US dollars coming to Hong Kong,' said Alex Tang, head of research at Core Pacific-Yamaichi.The Hang Seng Index was up 702.41 points or 2.4 percent at 29,540.78. It was the seventh record-high close for the Hang Seng since Sept 27.(1 US dollar = 7.80 Hong Kong dollars)jun.ebias@thomson.comje/zrCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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NASDAQ
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2792.28 |
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CARNIVAL
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11:35am )
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1662.99 |
33.99 (
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IBM
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12:34pm ) |
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181.50 |
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Hong Kong shares close at record, Hang Seng breaches 28,000 points 