Hong Kong shares end morning sharply higher on US rally; banks, properties lead |
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Mon, 15 Jan 2007 06:08
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HONG KONG (XFN-ASIA) - Share prices ended the morning session sharply higher, led by the property and banking sectors, after another record close on Wall Street Friday following robust US consumer spending data, dealers said.They said property stocks were boosted by expectations of strong housing prices this year after major developers put in high bids in recent government auctions, while banks were underpinned by hopes that they will benefit from an expansion of yuan business in Hong Kong.The banking sector got an additional boost from rumors that a major financial institution is considering acquiring Chong Hing Bank, known previously as Liu Chong Hing, they added.The Hang Seng Index ended the morning up 289.49 points or 1.48 pct at 19,902.90, off a low of 19,746.07 and high of 19,925.76.Turnover was 28.41 bln hkd.The property sector index was up 680.78 points or 2.84 pct at 24,693.66.jun.concepcion@xfn.comjc/rc
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Hong Kong shares end morning firmer led by China banks on yuan bond approval 