Hong Kong shares sharply higher on Wall St lead, positive US data - UPDATE |
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Published
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Mon, 15 Jan 2007 04:26
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HONG KONG (XFN-ASIA) - Share prices were sharply higher in early trade after another record close on Wall Street Friday following robust US consumer spending data, dealers said.The US Commerce Department announced Friday that retail sales rose 0.9 pct in December, the fastest pace in five months, bolstering optimism over the strength of the economy.At 10.31 am, the Hang Seng Index was up 186.63 points or 0.97 pct at 19,803.04, off a low of 19,758.67 and high of 19,868.66.Turnover was 10.65 bln hkd.'Dow Jones' gains Friday helped boost sentiment,' said Kitty Chan, director at Celestial Asia Securities.She said investors focused on China financials amid expectations of continued reforms in the sector.'The market expects the government to lay down additional reforms to further improve the banking sector. This is providing support to Chinese banks,' said Chan.She said optimism over a meeting of Beijing and Hong Kong officials this week to chalk out details on expanding yuan business in the territory is also supporting the banking sector as a whole.Last week, China's State Council approved the expansion of the yuan business in Hong kong by allowing Chinese financial institutions to issue yuan-denominated loans in the territory.Among banks, HSBC was up 0.60 hkd or 0.43 pct at 140 and Hang Seng Bank up 1.30 hkd or 1.19 pct at 110.90.BOC Hong Kong gained 0.50 hkd or 2.48 pct at 20.65 following reports the bank plans to incorporate in the mainland through unit, Nanyang Commercial Bank.Among mainland banks, China Construction Bank gained 0.07 hkd or 1.48 pct to 4.79, ICBC was up 0.04 hkd or 1.08 pct at 4.6 and Bank of China gained 0.03 hkd or 0.74 pct at 4.06.Property counters were higher on follow-through interest, with Cheung Kong gaining 1.55 hkd or 1.56 pct to 101.20, Sun Hung Kai up 2.60 hkd or 2.77 pct at 96.40 and Henderson Land up 0.30 hkd or 0.64 pct at 47.The property sector index was up 384.32 points or 1.60 pct at 24,397.88.Among large-caps, China Mobile gained 0.45 hkd or 0.68 pct at 66.40 and Hutchison was up 0.55 hkd or 0.70 pct at 79.50.The Hang Seng China Enterprises Index was up 79.49 points or 0.82 pct at 9,754.20.(1 usd = 7.8 hkd)leonora.walet@xfn.comlw/rc
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Hong Kong shares close sharply higher, rebounding after DJIA record finish 