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

National

Regional

Taiwan, HK, Macao

Special Coverage

Focus

Society

Profiles

HK stocks surge 5.6% on China's more stimulus hope

(Xinhua)
Updated: 2008-12-10 19:52

HONG KONG -- Hong Kong stocks closed 5.6 percent sharply higher on Wednesday with huge rallies in H-shares on hope that China will come up with greater stimulus packages amid the latest downbeat producer price index in November.

The benchmark Hang Seng Index rose 192.78 points, or 1.31 percent, to open at the day's lowest 14,946 and widened its gains afterwards, boosted by huge rallies of H-shares or companies registered in the Chinese mainland.

China's producer price index grew only by 2 percent year on year in November, a worse-than-expected reading many investors saw as good reason for authorities to come up with greater economic stimulus package in the days to come.

Related readings:  HK shares nosedive 1.94% after rally  Hong Kong stocks soar more than 1,100 points, up 8.66%  Shares lower on worse-than-expected PPI figure

Buying orders enforced in the afternoon session, propelling up the index by 824.52 points, or 5.59 percent, to close at 15,577.74, a tick off the day's peak 15,578.96.

Turnover rose to 61.85 billion HK dollars (US$8 billion) from Tuesday's 56.93 billion HK dollars (US$7.35 billion).

Among 42 components of the benchmark Hang Seng Index, advancing companies greatly outnumbered declining shares 40 to 2.

Market heavyweight China Mobile, or the country's largest telecommunications operator and the market's top company measured by capitalization, was the major driving force for Wednesday's upsurge, up 5.45 percent to 82.25 HK dollars, contributing 111.42 points to the market's gains.

Another market giant HSBC, which accounts for the largest weighting of the index, rose 4.41 percent to 87.7 HK dollars, lifting the index by 94.63 alone.

Hong Kong Exchanges and Clearing Ltd., the market's sole operator, went up 6.45 percent to 75.05 HK dollars though Morgan Chase cut its target price from 120 HK dollars to 55 HK dollars.

H-shares, which reflect the performance of 42 companies registered in the Chinese mainland, rebounded sharply by 505.75 points, or 6.32 percent, to close at 8,507.49.

China's energy companies were sharply higher. PetroChina, the country's largest oil producer, advanced 5.96 percent to 7.11 HK dollars. CNOOC, China's largest offshore oil company, soared 12.71 percent to 7.45 HK dollars. Sinopec, Asia's largest oil refiner, bounced back 6.68 percent to 5.43 HK dollars.

Banks and insurers of China joined the energy sectors with much higher closing. ICBC, China's largest lender, rose 5.94 percent to 4.46 HK dollars. Bank of China, the country's second largest bank, rallied 4.42 percent to 2.6 HK dollars. China Construction Bank, the third largest bank in the country, advanced 5.63 percent to 4. 88 HK dollars. Bank of Communications gained 6.42 percent to 5.8 HK dollars. China Merchants Bank jumped 8.67 percent to 16.04 HK dollars.

China Life, the country's top insurance company, was up 5.63 percent to 24.4 HK dollars. Ping An recovered 5.88 percent to 37.8 HK dollars.

Metals and mining sectors in China were all stronger. China Shenhua, the country's largest coal producer, rose 4.83 percent to 18.66 HK dollars. Yanzhou Coal surged 13.86 percent to 5.75 HK dollars. China Coal soared 14.58 percent to 6.76 HK dollars. Zhaojin Mining rose 8.33 percent to 4.55 HK dollars.

Maanshan Iron went up 5.98 percent to 2.66 HK dollars. Angang Steel rose 9.43 percent to 8.7 HK dollars. Jiangxi Copper jumped 14.55 percent to 6.3 HK dollars. Aluminum producer CHALCO rose 8. 29 percent to 4.57 HK dollars. Cement producer rose 8.35 percent to 37 HK dollars.

Local property companies in Hong Kong were higher. Sun Hung Kai, Hong Kong's largest house developer, bounced back 8.06 percent to 63.05 HK dollars. Cheung Kong, one of Hong Kong's largest housing company controlled by tycoon Li Ka-shing, jumped 9.05 percent to 80.7 HK dollars. Henderson Land surged 10.86 percent to 29.67 HK dollars. New World Development rocketed 15 percent to 7.02 HK dollars. Sino Land soared 17 percent to 7.58 HK dollars. Hang Lung Property rose 7.31 percent to 18.2 HK dollars.  (7.7425 HK dollars = US$1)