Hong Kong shares end morning higher on Wall St's rise, China fund inflow hopes |
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Wed, 24 Oct 2007 05:44
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HONG KONG (Thomson Financial) - Hong Kong shares finished the Wednesday morning session higher, tracking an extended rebound on Wall Street amid optimism for improved third-quarter earnings.Chinese fund managers and banks, allowed to trade Hong Kong stocks under the Qualified Domestic Institutional Investor (QDII) program, resumed their buying of the city's shares.'Wall Street's gains and speculation that funds continue to flow into the market from the mainland are driving the stocks higher,' said Peter Lai, a director at DBS Vickers.Investors are also optimistic that China will accelerate the implementation of a program announced in August allowing its citizens to trade Hong Kong shares.At the break, the Hang Seng Index was up 136.25 points or 0.5 percent at 29,513.11.Industrial & Commercial Bank of China led the market's advance, gaining 20 Hong Kong cents or 2.9 percent to 7.10 dollars ahead of its third quarter results announcement tomorrow.ICBC is expected to report a 60 percent growth in net profit for the first nine months on a continued loan portfolio expansion.China Mobile, Asia's largest mobile phone company, also rose on continued excitement over its strong third quarter results.China Mobile, which on Monday posted a 29.8 percent growth in 9-month net profit to 59.88 billion yuan, said it added a record 6.10 million new subscribers in September, bringing its total subscriber base to 349.66 million.(1 US dollar = 7.8 Hong Kong dollars)leonora.walet@thomson.com.lw/ngCOPYRIGHTCopyright 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 lower as investors lock in gains, China stocks fall 