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HK shares rebound 1.11%, 01/30

(Xinhua)
Updated: 2007-01-31 11:18

Fueled by orders for market heavyweight China Mobile, Hong Kong stocks rebounded 1.11 percent on Tuesday but the entire market turnover remained weak as compared to the past few weeks.

The benchmark Hang Seng Index opened 0.22 percent higher at 20, 281.93 but turned around shortly and tested the intra-day low 20, 165.22 during morning session. Orders for the Hang Seng Index Future in February pushed the index back to an ascending track when trading was resumed in the afternoon. The bluechip index rose 223.78 points, or 1.11 percent, to close Tuesday's session near intra-day high at 20,460.46

Market turnover rebounded to 37.594 billion HK dollars (4.82 billion US dollars) from three-month low of 36.981 billion HK dollars (4.74 billion U. S. dollars) on Monday but remained weak as compared with the average turnover between 50 billion to 60 billion HK dollars (about 6.4 billion to 7.7 billion US dollars) for the past few weeks.

Many investors chose to collect China Mobile, the country's largest mobile phone operator, following its Monday adjustment and pushed up the stock by 3.14 percent to 74 HK dollars, lifting the entire market by 131.4 points.

HSBC, the largest stock measured by market capitalization, rose 0.42 percent to 143.3 HK dollars, contributing to 19.42 points of the market's gains.

China Life, the country's largest life insurer, advanced 1.07 percent to 23.6 HK dollars as the market expected a 50 percent rise in its profits in 2006.

Property sectors were mixed. Hang Lung Property surged 3.88 percent to 21.4 HK dollars. Henderson Land gained 2.67 percent to 46.2 HK dollars. New World Development rose 2.65 percent to 17.06 HK dollars. Cheung Kong increased 1.58 percent to 102.7 HK dollars. Hutchison edged up 0.25 percent to 79.2 HK dollars. SHK Property rose 0.84 percent to 96 HK dollars. Sino Land fell 1.64 percent to 18 HK dollars.

Hang Seng China Index rose 95.54 points to 9,771.66.

ICBC, China's largest bank, added 0.22 percent to 4.58 HK dollars. China Construction Bank recovered 1.08 percent to 4.7 HK dollars. China Merchants Bank added 0.59 percent to 17.16 HK dollars. Bank of Communications advanced 1.66 percent to 8.56 HK dollars. Bank of China remained unchanged at 3.9 HK dollars.

On oil sectors, PetroChina, the country's largest oil producer, increased 0.42 percent to 9.6 HK dollars. Sinopec added 1.07 percent to 6.6 HK dollars. CNOOC, China's largest offshore oil producer, fell 0.15 percent to 6.7 HK dollars.