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HK Stocks End 2.5 Percent Higher on Technical Rebound
Hong Kong stocks ended 2.5 percent higher Tuesday on a technical rebound after recent heavy losses, led by telecoms and properties, amid the Nasdaq market's
overnight 1.3-percent bounce. The key Hang Seng Index gained 296. 72 points to close at 11,991.01.
Dealers said that traders hope that the Fed will cut rates for the seventh time this year when policymakers meet on August 21.
While retail investors remained cautious ahead of the forthcoming results announcements of big caps including China Mobile and Hutchison Whampoa, all the remaining 61 million units in the Tracker Fund of Hong Kong available for this quarter were bought by some unidentified large investors this morning, according to market sources.
Telecoms were the biggest percentage gainers among all sectors. Most active China Mobile soared 5.2 percent, lifted up by the optimistic results forecasts by several brokerage houses. Rival China Unicom, which holds the core operations of China's No. 2 phone company, added 4.8 percent.
The turnover was 5.617 billion HK dollars (720 million U.S. dollars) up from 4.237 billion HK dollars (543 million U.S. dollars)on Monday. It was the tenth smallest since the start of the year.
Of the four sub indexes of Hang Seng, only utilities stocks dropped 1 percent, while finance, properties and commerce & industry posted rises of 1.12 percent, 3.32 percent and 3.74 percent, respectively.
The Chinese mainland related stocks ended up with the H-share index of the Hong Kong-listed mainland companies increasing 2.41 percent and the red chip index of the Hong Kong-incorporated mainland companies gaining 2.56 percent.
The tech-heavy Growth Enterprise Index gained 1.66 points to end at 225.00 points.
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