HK stocks finish higher with gains of financials

18:08, June 18, 2010      

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Hong Kong shares rose for the eighth consecutive trading day on Friday, thanks to gains of financial heavyweights and modest gains of 0.24 percent at Wall Street overnight.

The benchmark Hang Seng index closed up 148. 31 points, or 0.74 percent, to end at 20,286.71 points, after trading between a day high of 20,315.42 and a day low of 20,138.35 points.

Turnover totaled 55.58 billion HK dollars (7.14 billion U.S. dollars) compared with Thursday's 48.08 billion HK dollars.

The finance sub-index, which covers 11 constituent stocks of the blue-chip Hang Seng Index, added 296.01 points, or 0.97 percent, to end at 30,700.91 points.

Banking giant HSBC, which accounts for the third largest weighting of the Hang Seng Index, gained 1.08 percent to 74.85 HK dollars.

ICBC, the world's largest bank by market value, edged up 1.05 percent to 5.8 HK dollars. Another major lender China Construction Bank, which accounts for the second largest weighting of the Hang Seng Index, moved up 1.27 percent to 6.4 HK dollars.

Bank of China edged up 0.77 percent to 3.95 HK dollars. BOC Hong Kong, an unit of Bank of China, advanced 2.66 percent to end at 17.76 HK dollars.

Shares of local bourse operator Hong Kong Exchanges & Clearing rose 1.33 percent to 122.30 HK dollars. China Life, one of the world's largest life insurers by market value, moved up 0.43 percent to 35 HK dollars.

Other major blue-chip gainers were Tencent Holdings, China Mobile, Citic Pacific, CNOOC and Hong Kong & China Gas.

Shares of China's biggest Internet company Tencent Holdings trimmed losses and rebounded significantly in the afternoon session, ending continuous losses in the last seven consecutive trading days.

Tencent Holdings gained 3.76 percent to end at 129.7 HK dollars after Standard Chartered securities said in a research note that the mainland-based company's growth potential would be better than market expectations.

Shares of China Mobile, the world's largest mobile operator by subscribers which accounts for the largest weighting of the Hang Seng Index, edged up 0.65 percent to 77.70 HK dollars.

Citic Pacific, the HK-listed arm of China's largest investment conglomerate CITIC Group, jumped 5.23 percent to 14.48 HK dollars. CNOOC, the HK-listed unit of China's National Offshore Oil Corp., rose 0.6 percent to 13.50 HK dollars.

Hong Kong & China Gas, the sole provider of towngas in Hong Kong, gained 1.83 percent to end at 18.9 HK dollars.

Shares of China Overseas Land, a mainland-focused property developer, advanced 1.94 percent to 15.78 HK dollars.

Henderson Land continued to fall on Friday after the HKSAR government said it was looking into and following up on the local developer Henderson's Conduit Road home sales transactions as regards that only four out of the 24 transactions were completed as announced by the developer earlier on.

Shares of Henderson Land lost 1.07 percent to 46.20 HK dollars after falling 2.3 percent in the previous trading day. (1 U.S. dollar equals to 7. 784 HK dollars)

Source: Xinhua


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