Hong Kong's Hang Seng Index hits new high led by Chinese stocks |
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Tue, 16 Oct 2007 04:16
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HONG KONG (Thomson Financial) - Hong Kong shares turned higher in midmorning trade Tuesday, lifting the main index to record levels, as investors shrugged off concerns over the subprime mortgage crisis and picked upChinese oil and telecommunications stocks.'The market is driven by a lot of money from China. The situation in the US is under control and the worst is over for the subprime crisis,' Joseph Lau, managing director at Tai Fook Asset Management.'Demand for Chinese stocks listed in Hong Kong is greater than supply. Chinese companies are trading at a discount in Hong Kong compared to their mainland counterparts,' he said.The Hang Seng Index was last up 171.79 points or 0.6 percent at 29,712.57, after surging to a new all-time high of 29,795.63.PetroChina Co Ltd, Asia's largest oil company, gained amid excitement over its plans to list in Shanghai, while China Mobile rose on continued optimism in the mainland's telecommunications sector.PetroChina was up 88 cents or 4.7 percent at 19.66 Hong Kong dollars, and China Mobile rose 3.20 dollars or 2.3 percent to 144.80 dollars.(1 US dollar = 7.80 Hong Kong dollars)leonora.walet@thomson.comlw/msCOPYRIGHTCopyright 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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Hong Kong shares close at record, Hang Seng breaches 28,000 points 