HK shares end up for 5th straight session

08:41, September 08, 2010      

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Hong Kong stocks rose for a fifth straight session Tuesday, as investors continued to ride on momentum from better-than-expected U.S. jobs data Friday.

The blue-chip Hang Seng Index rose 46.02 points, or 0.22 percent, to 21,401.79, after trading between 21,313.26 and 21,435. 58 during the session. The index rose 4.2 percent over the past five trading days. Market volume totaled 58.21 billion HK dollars, down from Monday's 70.25 billion HK dollars.

The gauge has gained 13 percent from its May 25 low for the year amid optimism the U.S. economy will avoid falling back into a recession and that the mainland will ease monetary policy to spur growth.

The Hang Seng China Enterprises Index of locally-listed Chinese companies was little changed at 11,956.23.

The mainland's steelmaker Maanshan Iron gained 5.7 percent to 4. 83 HK dollars after announcing a plan to invest in Anhui Changjiang Iron Steel Co. The company didn't provide the amount of the investment. Another steelmaker in the mainland Angang Steel Co. advanced 3.8 percent to 13.02 HK dollars.

The home applicances suppliers also rallied. TCL Multimedia soared 19 percent to 3.05 HK dollars, the largest gain among the 320 members on the Hang Seng Composite Index. Skyworth Digital Holdings Ltd. rallied 10 percent to 4.79 HK dollars. Haier Electronics Group Co., a maker of washing machines and water heaters, jumped 8.2 percent to 5.66 HK dollars.

The mainland's home appliances sales in August under the country's rural appliances stimulus program recorded an increase of 126 percent from a year earlier, the Ministry of Commerce said.

BYD declined 1.7 percent to 48.40 HK dollars after the Chinese automaker backed by Warren Buffett said sales in August declined 19 percent from a year earlier to 31,069 vehicles. Dongfeng Motor Group Co., Nissan Motor Co.'s Chinese partner, fell 4.3 percent to 13.38 HK dollars, the sharpest drop on the H-share index.

New Island Printing Holdings Ltd. declined 1.4 percent to 2.14 HK dollars. The printing company said it has hired Mitsubishi UFJ Securities (HK) Capital Ltd. to advise independent shareholders on a buyout offer for the company.

Yanzhou Coal Mining Co. gained 0.9 percent to 17.14 HK dollars. The Chinese company said it will seek to acquire 51 percent of Inner Mongolia Haosheng Coal Mining Ltd. to expand reserves.



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