Hong Kong shares turn higher led by Chinese banks |
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Wed, 17 Oct 2007 08:45
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HONG KONG (Thomson Financial) - Hong Kong shares turned higher in late trade led by Chinese banks on hopes mainland lenders will announce strong quarterly results in the coming weeks.The Hang Seng Index was last up 179.05 points or 0.6 percent at 29,133.60, after losing more than 200 points midday.'There are expectations of strong results from the banks and these are helping to drive up (share) prices today,' said Castor Pang, strategist at Sun Hung Kai Financial.'Investors believed there will be a short-term rebound after yesterday's fall and this gave investors an excuse to buy shares in late trade,' he said.Industrial and Commercial Bank of China, the mainland's largest lender, was up 17 Hong Kong cents or 2.6 percent at 6.79 dollars, and China Merchants Bank, a major mainland lender, rose 55 cents or 1.4 percent to 39.70.The Chinese banks are due to announce their results soon, starting with China Merchants on Monday and ICBC on Thursday next week.(1 US dollar = 7.8 Hong Kong dollars)leonora.walet@thomson.comlw/jgCOPYRIGHTCopyright 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 end morning higher on Chinese fund inflows; index hits new 