Hong Kong stocks rebound after 6-day losses

20:31, January 28, 2010      

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Hong Kong stocks closed higher Thursday after six straight days of losses, with the benchmark index adding 1.61 percent, or 323.30 points, to close at 20,356.37.

The Hang Seng Index opened 0.84 percent higher at 20,202.33 on Thursday, following a modest rise on Wall Street overnight, and traded between 20,170.15 and 20,437.56 during the day.

Turnover retreated to 65.98 billion HK dollars (8.49 billion U. S. dollars) from Wednesday's 73.24 billion HK dollars (9.43 billion U.S. dollars).

Bargain hunting led Hong Kong shares higher Thursday, but analysts said they expect the local market to resume falling in the near term as the market sentiment remained weak and many investors were likely to sell into rebound.

The Hang Seng China Enterprises Index rose 263.34 points, or 2.32 percent, to close at 11,636.03.

Three of the four sub-indices gained ground. The finance sub-index went up most at 2.03 percent, followed by the commerce and industry at 1.68 percent and the utilities at 0.02 percent. The properties sub-index lost 0.07 percent.

Market heavyweight HSBC rose 1.00 HK dollars, or 1.19 percent, to close at 85.05 HK dollars and its local unit Hang Seng Bank closed up 0.46 percent at 110.00 HK dollars. China Mobile advanced 0.95 percent to 74.60 HK dollars.

Chinese mainland lenders were higher, leading the blue-chip rally. Bank of China increased 3.54 percent to 3.80 HK dollars. China Construction Bank rose 3.03 percent to 6.12 HK dollars and ICBC added 3.56 percent to 5.82 HK dollars and Bank of Communications, 2.17 percent to 8.01 HK dollars.

Cheung Kong, the flagship of Hong Kong's richest man Li Ka-shing, fell 0.35 HK dollars, or 0.37 percent, at 93.25 HK dollars. Sun Hung Kai Properties, the leading residential housing developer in Hong Kong, ended 0.20 percent higher at 101.60 HK dollars.

As for oil shares, PetroChina gained 0.45 percent, offshore oil producer CNOOC jumped 4.17 percent and Sinopec, 0.97 percent.

Fashion retailer Esprit Holdings soared 5.80 percent to close at 54.75 HK dollars.(7.8 HK dollars = 1 U.S. dollar)

Source: Xinhua
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