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Hong Kong shares rally on rate view, fund flows
Real estate news By Rita Chang
Wed Oct 10, 2007 6:07am BST
Hong Kong stocks jumped on Wednesday, as minutes from the U.S. Federal Reserve's last meeting suggested further rate cuts were possible, sending shares rallying across the board and boosting the debut of China Dongxiang (Group) Co Ltd (3818.HK: Quote, Profile, Research). Hong Kong-listed China plays raced up 2.3 percent amid news that China Harvest Fund Management raised $4 billion for its global stock fund on the first day of issue ,stoking hopes for growing fund inflows from the mainland.
The benchmark Hang Seng Index (.HSI: Quote, Profile, Research) had risen 371.50 points to 28,599.54 by lunch on mainboard turnover of HK$89 billion (US$11.4 billion), versus Tuesday morning's HK$72 billion. The China Enterprises Index of mainland companies listed in Hong Kong (.HSCE: Quote, Profile, Research) gained 402.67 points to 18,243.38. Shares in new issue China Dongxiang (3818.HK: Quote, Profile, Research), which sells branded sportswear in China, beat expectations to rise 35.4 percent above its HK$3.98 IPO price as shares settled at HK$5.39.
Mainland real estate play China Aoyuan Property Group Ltd (3883.HK: Quote, Profile, Research) racked up a further 8.4 percent gain to HK$7.37, a day after debuting to a strong reception. Top mainland lender Industrial & Commercial Bank of China (1398.HK: Quote, Profile, Research) led the broad market, ending the morning up 5.5 percent at HK$6.7. Bank of China (3988.HK: Quote, Profile, Research), the morning's top-traded stock, jumped 3.4 percent to HK$4.6.
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