Hutchison, Cheung Kong shares surge in HK after rosy earnings
HONG KONG - Li Ka-shing's Hutchison Whampoa Ltd and Cheung Kong (Holdings) Ltd gained in Hong Kong trading on Friday after earnings beat estimates and the billionaire said he's optimistic about the world economy and China's growth.
The prospects for global growth remain stable, the 82-year-old said on Thursday. Hutchison's stock jumped the most in almost two years after first-half net income rose from its port and retail earnings. Developer Cheung Kong had the biggest gain in nine months as it benefited from rising home prices.
"He seems to be fairly bullish," said Alexander Chia, an analyst at Standard & Poor's Equity Research in Kuala Lumpur. Hutchison "is a cyclical stock, and in an up cycle, the valuation isn't particularly demanding, and there is room on the upside."
