Hong Kong shares close higher led by gains in Chinese banks |
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Wed, 17 Oct 2007 09:23
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HONG KONG (Thomson Financial) - Hong Kong shares closed higher Wednesday led by gains in Chinese financial stocks on expectations they will report solid quarterly earnings starting next week.After remaining in negative territorymost of the day, the Hang Seng Index managed to turn around at the close, boosted by late buying in banks, select property plays and market heavyweight China Mobile.The Hang Seng index was up 344.16 points or 1.2 percent at 29,298.71, off a high of 29,310.78 and a low of 28,484.20.Shares opened lower followings Wall Street's decline overnight on concerns the US economy may remain sluggish into next year due to the impact of the subprime mortgage crisis. Sentiment was also undermined by reports that China's individual investment scheme, or 'the through train to Hong Kong,' could encounter further delays.Volume traded was 17.67 billion shares worth 160.46 billion Hong Kong dollars.The Hang Seng Finance Index rose 418.63 points or 1 percent to 44,703.70.The Property Index gained 527.55 points or 1.6 percent to 33,011.29, lifted by a rebound in Cheung Kong Holdings and Sun Hung Kai Properties in afternoon trade.China Mobile, Asia's largest mobile phone operator, closed up 4.60 Hong Kong dollars or 3.2 percent at 147.90 dollars, after touching a low of 139.30 dollars.(1 US dollar = 7.80 Hong Kong dollars)parvathy.ullatil@thomson.compu/zrpu/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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RPT Hong Kong shares end morning higher on China fund inflows; index at new high 