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People's Daily Online>>China Business

HK stocks close higher, China Mobile leads

(Xinhua)

09:30, March 13, 2012

HONG KONG, March 12 (Xinhua) -- Hong Kong shares closed higher on Monday, as China Mobile offset the weakness in consumer players.

Hong Kong stocks rose 48.18 points or 0.23 percent to close at 21,134.18 on Monday. The benchmark Hang Seng Index traded between 20,924.36 and 21.170.55. Turnover totaled 54.22 billion HK dollars (about 6.99 billion U.S. dollars).

The Hang Seng China Enterprises Index fell 30.37 points, or 0. 27 percent, to close at 11,225.91.

Three sub-indices gained ground, with the Commerce and Industry sub-index rising the most by 0.89 percent, followed by the Properties 0.06 percent and the Utility 0.06 percent as well. The Finance fell 0.28 percent.

China Mobile surged 3.9 percent to 87.45 HK dollars, the highest since Aug. 2009, after HSBC on Monday upgraded the company from "neutral" to "overweight" and raised its target price to 100 HK dollars.

Chinese rail stocks suffered after media from the Chinese mainland reported that a section of a new high-speed railway in Hubei province collapsed after persistent rains, raising safety- related concerns over the sector.

China Rail Construction dropped 7.3 percent to 5.31 HK dollars, and China Railway Group lost 5.4 percent to 2.83 HK dollars.

Cosco Pacific and China Merchants fell on China's lower-than- expected trade data in February, as well as profit-taking from gains last week.

Cosco Pacific fell 1.5 percent to 11.50 HK dollars, while China Merchants decreased 0.9 percent to 26.55 HK dollars.

Among other blue chips, HKEX, the city's sole bourse operator, was up 0.1 percent to 137.40 HK dollars. Hang Seng Bank sank 1.8 percent to 104.90 HK dollars. (7.758 HK dollars = 1 U.S. dollar)

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