Hong Kong stocks regain 18,000-mark Wednesday
Hong Kong stocks expanded its gains in the morning after opening higher, and regained the 18,000-mark, with the Hang Seng Index rising for a second consecutive day and ending 2.09 percent higher Wednesday.
Positive news from overseas markets and strong performance of the A-Share market led Hong Kong stocks to expand its gains. The blue-chip Hang Seng Index rose 372.93 points to 18,258.66 after trading between 18,030.10 and 18,289 during the session.
The turnover rose to 60.69 billion HK dollars (about 7.84 billion U.S. dollars) from Tuesday’s 51 billion HK dollars (about 6.59 billion U.S. dollars).
Hong Kong developers extended gains, with the property sub- index rising 3.5 percent. Cheung Kong rose 2.2 percent at 88.15 HKD, and Sun Hung Kai Properties jumped 3.97 percent to 99.50 HKD. Henderson Land rose by 3.61 percent to 43 HKD.
Traders expected that the upcoming residential projects in HongKong from these developers would have good response, due to the rising momentum in the real estate and low mortgage rates.
China Merchants Holdings Company Ltd surged 6.5 percent to 22. 85 HKD and Cosco Pacific jumped 4.92 percent to 8.95 HKD.
Air China said it is estimated that there will be not less than 50 percent growth in the interim results of the company for 2009 compared with a year ago and it rose by 7.83 percent to 4.27 HKD. Its peers rose as well. China East Air grew by 10.99 percent to 2.02 HKD and China South Air gained 7 percent to 2.20.
The expected increase in profit is mainly due to the favorable conditions such as lower fuel purchase cost, a stable growth in the domestic air passenger market, implementation of industry support policies and effective cost control by the company, Air China said.
Tags: China Finance, china stock, HK