HK stocks rebound from 10-month low, regain 19,000 mark

19:42, May 26, 2010      

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H-share heavyweights led Hong Kong stocks to stage a technical rebound and regain the 19,000- mark on Wednesday after they hit a nearly 10-month low in the previous session.

The benchmark Hang Seng index closed up 210.95 points, or 1.11 percent, to close at 19,196.45 points, after trading between a day high of 19,242.06 and a day low of 19,047.70 points.

The H-share index, which track the overall performance of 44 major Chinese mainland State-owned enterprises, outperformed the Hang Seng index by rising 287 points, or 2.67 percent, to end at 11,016.05 points.

Turnover totaled 72.74 billion HK dollars (9.33 billion U.S. dollars) compared with Tuesday 's 67.93 billion HK dollars.

The mainland's two leading oil companies, Sinopec and PetroChina, both of which are among the 43 constituent stocks of the Hang Seng Index, rose 2.41 percent and 3.04 percent, respectively. Sinopec ended at 5.95 HK dollars per share while PetroChina closed at 8.06 HK dollars.

But another oil firm CNOOC, the HK-listed unit of China's National Offshore Oil Corp., extended losses by falling 1.03 percent to 11.58 HK dollars. It tumbled 6.1 percent in the previous session.

Mainland's insurers and financials also rebounds in the day. Shares of Ping An rose 5.1 percent to end at 60.60 HK dollars while China Life, one of the world's largest life insurer by market value, gained 1.08 percent to 32.90 HK dollars.

Shares of the ICBC, the world's largest bank by market value, jumped 4.25 percent to close at 5.64 HK dollars.

China Construction Bank, one of the country's four largest State-owned banks, moved up 1.5 percent to 6.09 HK dollars. Another major lender, Bank of China, rose 2.32 percent to 3.97 HK dollars.

Major coal producer China Shenhua, also one of the 43 constituent stocks of the Hang Seng Index, jumped 5.3 percent to 29.80 HK dollars. Chalco, China's top aluminum producer, rose 2.68 percent to end at 6.12 HK dollars.

China Mobile, the world's largest mobile operator by subscribers, edged up 1.11 percent to 72.75 HK dollars. Shares of the HSBC, one of the world's biggest banks, were up 0.86 percent to 70.15 HK dollars.

Foxconn International, the only constituent stock from China's Taiwan, rebounded to become the best-performance blue chip amid reports that Foxconn President Terry Gou toured to its plant in Shenzhen after another worker of its plant in neighboring Shenzhen fell to death, 11th such fall this year.

Shares of Foxconn rose 7.16 percent to 5.69 HK dollars. In the previous session, Foxconn International plunged nearly 10 percent and was the worst-performance blue chip.

Shares of Yanzhou Coal, one of China's top coal producers based in East China's Shandong Province, edged down 1.51 percent to end at 15.66 HK dollars despite a stake increase by U.S. financial holding company JPMorgan Chase and Co.

Hong Kong stocks plunged on Tuesday to their lowest level since July 17, 2009 and broke the psychological 19,000-mark. It was the poorest performance since July 17 last year when the benchmark Hang Seng index closed at 18,805.66 points. (1 U.S. dollar equals to 7.8 HK dollars)

Source: Xinhua


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