Hong Kong shares end morning higher on bargain hunting, BoCom up sharply |
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Tue, 23 Oct 2007 05:52
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HONG KONG (Thomson Financial) - Hong Kong shares ended the morning sharply higher Tuesday on bargain hunting following yesterday's more than 1,000-point dip, with the modest overnight gains on Wall Street providing a boost to sentiment.Bank of Communications (BoCom), the mainland's fifth largest bank by assets, surged 1.44 Hong Kong dollars or 13.1 percent to 12.46 dollars on expectations that HSBC may increase its stake in the bank to 19.9 percent from 18.6 percent.Investors are also optimistic about the bank's third-quarter earnings, due out next week.China Mobile, Asia's biggest mobile phone company, and China Merchants Bank put on solid gains after posting stronger-than-expected earnings for the third quarter.The benchmark Hang Seng Index rose 789.05 points or 2.8 percent to 29,162.68 after touching an intra-day high of 29,225.02 . The index recorded its sharpest drop in seven-and-a-half years on Monday following a steep fall in US markets last Friday.Volume traded was 11.37 billion shares worth 73.82 billion dollars.Breadth was positive with advancers leading decliners 663 to 282 while 126 stocks were unchanged.The Property Index recovered from Monday's slump, ending the session up 939.95 points or 3 percent at 35,526.96.Mainland stocks rose in line with the broader market. The China Enterprises Index was up 544.65 points or 2.9 percent at 19,353.63.(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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Hong Kong shares higher on bargain-hunting; China Mobile up after results UPDATE 