www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Economy

Markets

Industries

Insights

Reports

Events

Hong Kong stocks rebound 3.08% after Monday's slump

(Xinhua)
Updated: 2009-03-10 16:50

Hong Kong stocks rebounded 349. 47 points, or 3.08 percent, to close at 11,694.05 on Tuesday after the market dived more than 4 percent on an unusual tumble of heavyweight HSBC during a 10-minute close auction late day trading period.

The benchmark Hang Seng Index recovered 198.3 points, or 1.75 percent, to open at the day's lowest 11,542.88 from Monday's sharp decline of 4.84 percent due to market heavyweight HSBC's tumble.

The market regained more ground afterwards on short investors' covering position of HSBC together with the rebound of stock markets in the Chinese mainland after the country released its latest economic data in February.

Turnover fell to HK$33.49 billion ($4.32 billion) from Monday's HK$35.79 billion.

HSBC, which accounts for 15 percent of the weighting of the benchmark Hang Seng Index, bounced about 14 percent to HK$37.6 after free falling 24.14 percent to HK$33 during the 10-minute price auction period on Monday.

HSBC's offer price for five new shares of 12 existing shares was HK$28 in a rights issue to raise about $18 billion from the market.

Sandy Flockhart, CEO of HSBC Asia Pacific, called Monday's tumble was due to technical selling order during the 10-minute close price auction late day trading period and he can't rule out the possibility of hedge funds' deliberate shorting strategies behind the current price volatility.

He reassured local investors at a press conference in Hong Kong that the bank remained profitable outside the United States and its business proceeded well in January.

Another market heavyweight China Mobile, the market's largest stock by capitalization and the country's largest mobile phone operator, gained 1.75 percent to HK$64.1.

Among 42 constituents of the Hang Seng Index, advancing shares greatly outnumbered losers 32 to nine, with Hutchison unchanged at HK$36.4.

Local banks in Hong Kong all rebounded from Monday's slump. BOC Hong Kong, a bank note issuing bank in Hong Kong, advanced 2.38 percent to HK$6.45. Standard Chartered Bank, another note- issuing bank, went up 0.44 percent to HK$80. Hang Seng Bank, a major local bank controlled by HSBC, added 2.02 percent to HK$68.35. Bank of East Asia recovered 7.13 percent to HK$13. 22.

Hong Kong Exchanges and Clearing Ltd., the market's sole operator, bounced 3.39 percent to HK$56.45. The market operator was under criticism for the unlimited price auction late day trading period. Many individual investors complained that such a price auction period has been used by some hedge funds and institutional investors as an instrument to manipulate prices.

Hong Kong Exchanges and Clearing Ltd. said it will not rule out the possibility of implementing ahead of schedule the 2 percent capping of the price volatility during the 10-minute late day price auction period.

Hong Kong's property companies were heading towards different directions. Sung Hung Kai Property rose 2.06 percent to HK$56.95. Sino Land rallied 2.28 percent to HK$5.84. Hang Lung Property gained 3.03 percent to HK$14.3. New World Development moved up 0.8 percent to HK$6.31.

Cheung Kong dropped 3.68 percent to HK$56.3. Henderson Land shed 0.84 percent to HK$23.75.

China Enterprise Index, which reflect the performance of 42 major companies registered in the Chinese mainland, rose 155.09 points, or 2.31 percent, to close at 6,880.67 after China released its latest February economic data on Tuesday.

The consumer price index in China fell 1.6 percent year on year in February, a figure that has dispersed some worries of a possible sharp deflation in the Chinese mainland.

Chinese banking and insurers listed in Hong Kong were all higher. ICBC, China's largest lender, rallied 1.58 percent to HK$3.21. Bank of China added 0.92 percent to HK$2.19. China Construction Bank edged up 0.25 percent to HK$3.96. Bank of Communications rose 0.67 percent to HK$4.52. China Merchants Bank rebounded 2.56 percent to HK$12.04.

China Life, the country's largest insurer, increased 1.66 percent to HK$21.4. Ping An, China's second largest insurance company behind China Life, jumped 4.21 percent to HK$38.35.

China's energy companies all rose on expectation of an output cut by the Organization of Petroleum Exporting Countries (OPEC). PetroChina, the country's largest oil producer, advanced 3.92 percent to HK$5.3. Sinopec, the country's largest refiner, rebounded 4.93 percent to HK$3.83. CNOOC, China's largest offshore oil producer, jumped 7.38 percent to HK$6.69.