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HK share prices unfazed by China's rate hikes

(Xinhua)
Updated: 2007-03-20 13:38

Share prices on Hong Kong Stock Exchange rose 1.65 percent higher on Monday as investors were unmoved by China's central bank's 0.27 percent rise of its one-year benchmark interest rates on Sunday.

The benchmark Hang Seng Index opened higher at 19,006.15 and fluctuated between 18,967.41 and 19,267.83 before moving up 313.24 points, or 1.65 percent, to close Monday's trading near the intra-day high at 266.74.

Market turnover, however, dropped to 38 billion HK dollars (4.87 billion US dollars) from Friday's 43 billion HK dollars (5.5 billion US dollars) on Friday.

All of the four sub-indices rose with the entire market. The Commerce and Industry surged 2.12 percent to 10,452.54. The Properties climbed 1.5 percent to 22,629.28. The Finance went up 1.24 percent to 30,507.52 and the Utilities increased 1.06 percent to 34,525.74.

HSBC, the largest stock measured by market capitalization in Hong Kong, inched up 0.75 percent to 134.7 HK dollars, lifting the blue-chip Hang Seng Index by 28 points.

Another market heavyweight China Mobile, or the country's largest mobile phone operator, jumped 3.37 percent to 72.15 HK dollars ahead of its results on Wednesday.

Property counters were strong, Sino Land and New World both soared 4 percent to 16.36 HK dollars and 17.52 HK dollars respectively. SHK Property rose 1.97 percent to 88.05 HK dollars.

China stocks were also higher, with H-share index ending up 1.23 percent to 9,225.26.

China's banking sectors were stronger. ICBC, China's largest lender, rose 1.18 percent to 4.29 HK dollars. Bank of China picked up 1.86 percent to 3.84 HK dollars. China Construction Bank moved up 0.92 percent to 4.39 HK dollars. China Merchants Bank added 1.8 percent to 15.62 HK dollars. China Life, the country's largest life insurer, soared 4.05 percent to 21.85 HK dollars.

PetroChina rose 0.81 percent to 8.73 HK dollar. Sinopec remained unchanged at 5.89 HK dollars.