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Hong Kong stocks bounce 3.29% after Thursday's tumble
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18:09, November 07, 2008

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Hong Kong stocks showed resilience by paring early losses and rebounding 453.39 points, or 3.29 percent, on Friday after tumbling more than 1,000 points in the previous session.

The benchmark Hang Seng Index tracked Wall Street's massive downfall overnight to open at the day's lowest 13,273.09, down 516. 95 points, or 3.75 percent.

But as many investors adopted the strategy of buy-at-bottom and sell-at-peak, the stocks headed upwards shortly after opening before rebounding 453.39 points, or 3.29 percent, to close at 14, 243.43, just off the high 14,254.22.

Turnover rose slightly to 48.8 billion HK dollars (6.3 billion U.S. dollars) from Thursday's 48.25 billion HK dollars (6.2 billion U.S. dollars).

Among 42 blue-chip companies composing of the benchmark Hang Seng Index, 35 to 6, with index component Citic Pacific continuing its suspension pending rescue measures from its Beijing-based parent company Citic Group.

Market heavyweight HSBC, which accounts for the largest weighting of the index, bounced 1.49 percent to 92 HK dollars.

China Mobile, another major index player and the country's largest mobile phone operator, rose 3.57 percent to 68.1 HK dollars, propelling the index by 61.63 points.

The Hong Kong Exchanges and Clearing Ltd., the market's sole operator, dropped 1.62 percent to 73 HK dollars after investment downgrade.

Aviation giant Cathay Pacific recovered 1.73 percent to 8.22 HK dollars after plunging more than 14 percent on Thursday after the company issued warning it will suffer losses in its aviation fuel hedging contracts.

Hong Kong's housing companies were all stronger after HSBC announced it will cut its prime lending rate by a quarter percentage point. Sun Hung Kai Properties, Hong Kong's largest house developer, surged 6.15 percent to 69 HK dollars. Cheung Kong rebounded 5.32 percent to 79.2 HK dollars. Henderson Land gained 4. 53 percent to 30 HK dollars. New World Development rose 6.06 percent to 7 HK dollars. Sino Land advanced 5.45 percent to 6.97 HK dollars. Hang Lung Property, whose major operations were in the Chinese mainland, added 1.4 percent to 17.44 HK dollars.

The China Enterprise Index, or H-shares, a barometer composed of companies registered in the Chinese mainland but listed in Hong Kong, gained 195.09 points, or 2.96 percent, to 6,794.59.

China's energy companies were higher. PetroChina, the country's largest oil producer, added 2.51 percent to 5.72 HK dollars. CNOOC, China's largest offshore oil company, rose 3.3 percent to 5.95 HK dollars. Sinopec, Asia' s largest oil refiner, edged up 0.44 percent to 4.55 HK dollars.

Banking and insurers in the mainland were mixed. ICBC, China's largest lender, recovered 3.05 percent to 3.72 HK dollars. Bank of China, the country's second largest bank, lost 1.39 percent to 2.13 HK dollars. China Construction Bank bounced 5 percent to 4.03HK dollars. China Life, the country largest insurance company, added 3.25 percent to 20.65 HK dollars. Ping An, China's second largest insurance company, rose 5.06 percent to 34.25 HK dollars. Bank of Communications went up 2.02 percent to 4.54 HK dollars. China Merchants Bank increased 5.11 percent to 12.76 HK dollars. (7.8 HK dollars = 1 U.S. dollars)

Source: Xinhua

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