HK stocks end 0.19% higher

20:50, August 16, 2010      

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Hong Kong stocks rose 0.19 percent Monday, snapping four straight losses, on optimism domestic consumption will benefit from growth in the Chinese mainland's economy.

The Hang Seng Index rose 0.19 percent to close at 21,112.12. The gauge fell 0.9 percent earlier as developers slumped after the city tightened mortgage-lending rules and said it would boost land supply in a bid to cool home prices.

The Hang Seng China Enterprises Index of locally-listed Chinese companies gained 0.7 percent to 11,726.90 for its second straight advance. Stocks climbed as Japanese government figures showed nominal gross domestic product for the second quarter totaled 1. 288 trillion U.S. dollars. That was less than the 1.337 trillion U. S. dollars output reported by the mainland's National Bureau of Statistics for the same period.

Among the retail stocks, New World Department Store China Ltd. surged 4.6 percent to 6.77 HK dollars. Belle International Holdings Ltd., a retailer of women's shoes, climbed 2.9 percent to 13.34 HK dollars. Vinda International Holdings Ltd., a maker of toilet paper, rallied 5.8 percent to 8.61 HK dollars.

Energy stocks rose. China Coal Energy Co. rose 3.2 percent to 10.84 HK dollars after being picked to join the Hang Seng Index. The company posted a 25 percent increase in first-half profit after a rebounding economy drove up prices. CLP Holdings Ltd., Hong Kong's main power producer, advanced 1.6 percent after posting better-than-estimated profit. The company said first- half profit rose 83 percent to 5.92 billion HK dollars due to increased returns from projects outside the city and a one-off tax benefit.

Shippers advanced after the Baltic Dry Index, which measures the cost of shipping commodities from iron ore to grain, increased 1.3 percent on Aug. 13, extending a seven-day rally to 26 percent. China Cosco Holdings Co., one of the nation's largest operator of dry-bulk ships, surged 3.8 percent to 9.03 HK dollars. China Shipping Development Co., a unit of the nation's sea-cargo group, jumped 3.8 percent to 11.40 HK dollars.

The Hang Seng Property Index's 2.6 percent slump was the biggest among the four industry groups tracked by the Hang Seng Index.

Sino Land Co. tumbled 5.7 percent to 13.28 HK dollars. Sun Hung Kai Properties Ltd., one of Hong Kong's biggest developer, plunged 4.1 percent to 110 HK dollars. Henderson Land Development Co. sank 3.2 percent to 48.45 HK dollars.

Down payments for apartments costing 12 million HK dollars or more will rise to 40 percent from 30 percent, with immediate effect, Hong Kong Monetary Authority Chief Executive Norman Chan said Aug. 13. The government will increase land sales next year, Financial Secretary of Hong Kong Special Administrative Region John Tsang said earlier on the same day. One U.S. dollar equals 7. 773 HK dollars.



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