HSI Surges As HSBC SoarsHong Kong stocks gained more than 1.7 percent Wednesday after Wall Street rose for a second day. Banking giant HSBC Holdings led the index gain.At the day's close, the benchmark Hang Seng Index was up 161.69 points, or 1.76 percent, at 9,371.75, having moved between 9,251.31 and 9,416.95. Turnover shrank sharply to 5.984 billion HK dollars (767 million U.S. dollars) from Tuesday's 8.089 billion HK dollars (1.037 billion dollars). The banking sector continued to be the biggest percentage gainer for a second day, rising 4.3 percent. HSBC Holdings, Europe's largest bank, which has a large exposure to the U.S. economy, advanced 5.2 percent to 75.50 HK dollars, adding 127.30 points to the rise of HSI. But the bank has lost 14 percent in its value since the terrorist attacks, compared with a decline of 10 percent in the HSI. Property counters climbed back to positive territory, gaining 0.79 percent. Of the city's top two developers by market value, Cheung Kong added 2.3 percent to 55.75 HK dollars while Sun Hung Kai Properties was off 1.3 percent to 44.60 HK dollars ahead of its full year results Thursday. China stocks were mixed with red chips edging up 0.31 percent as a group while H shares were down 2.03 percent. The Growth Enterprise Market Index, which tracks the performance of the technology-laden second board, added 0.12 point, or 0.07 percent, to 164.91. |
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