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Hong Kong shares rise to four-week high

(China Daily/Agencies)
Updated: 2009-01-06 07:49

Hong Kong shares rose 3.5 percent to a four-week high yesterday on hopes that massive government stimulus spending will reinvigorate China's cooling economy, while 2008's worst performing blue chip Foxconn International boosted its value by a quarter.

Foxconn, the world's largest contract manufacturer of cell phones, vaulted 25.4 percent to a three-month high of HK$3.8 ($0.49) on hopes the Taiwanese handset manufacturer will benefit from the imminent rollout of 3G services on the mainland.

The Hang Seng Index ended 520.5 points higher at 15563.31.

"Fund managers are buying up all of last year's worst performers on hopes China will announce another slew of stimulus measures, this time to boost private consumption," said Philip Chan, head of research with CAF Securities.

But some market watchers expect a pullback as the main index inches toward 15800 points, with weak economic data in the coming weeks seen limiting gains.

"The US markets are leading Asian markets to a short-term recovery but it's not time to get bullish yet. This rebound is only a short-term phenomenon," said Castor Pang, strategist with Sun Hung Kai Financial.

The China Enterprises Index of top locally listed mainland firms rose 4.4 percent, tracking a 3.3 percent rally on the Shanghai bourse.

Aluminum Corp of China jumped 9.5 percent on hopes it would benefit from the government's infrastructure building plans.

Bourse operator Hong Kong Exchanges & Clearing jumped 8 percent on hopes of recovering volumes and turnover on the mainboard as investors returned to the market after a long Christmas and New Year holiday.

Turnover slumped to two-year lows in the last few days of December as long stretches of holidays kept investors on the sidelines but recovered to HK$49.4 billion yesterday as compared with HK$30.5 billion on Friday.

China Mobile, the world's largest wireless carrier, rose 4.7 percent, adding to Friday's 4.4 percent rally after the central government finally approved the issuance of licences for new mobile networks.

Smaller rival China Unicom gained 7.3 percent.

Lenovo Group climbed 5 percent after Caijing magazine said the world's No 4 personal computer maker was set to announce a major restructuring plan on Jan 8 including changes of its top management.