RSSNewsletterSiteMapFeedback

Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Finance Tools: Save | Print | E-mail | Most Read | Comment
HK on roller-coaster ride
Adjust font size:

The benchmark Hang Seng Index dropped just 0.2 percent yesterday after a roller-coaster ride that saw it shoot up 650 points at one stage.

 

The index finally fell 61 points to close at 27770, after investors profited on gains in the morning. The day's turnover was HK$154 billion.

 

The China Enterprises Index, which gauges the performance of mainland companies, soared 28.2 points to 17511.

 

"The Golden Week effect has faded away," said Ricky Cheung, executive and vice-president of Enlighten Securities and Futures. "The index might go into a correction period in October of up to 3000 points."

 

HSBC peaked at HK$153 in the morning session, but dropped in the afternoon to close at HK$149.8.

 

China Mobile also fell HK$1.3, or 1 percent, finishing at HK$128.6.

 

Although market watchers said China Life has been overbought, its turnover remained active, with shares worth HK$7.8 billion changing hands.

 

Shares of the Hong Kong Exchange and Clearing (HKEx) rose sharply, with the stimulus of the government raising its holdings of the bourse.

 

HKEx yesterday hit an all-time high of HK$254 in the opening session. Although some investors began to downsize their holdings after booking profits, the share increased 1.4 percent to settle at HK$247.6.

 

The mainland's giant lenders outperformed their peers. China Merchants Bank leapt by over 5 percent shortly after its shares opened for trading. It closed at HK$10.02, increasing 2.94 percent.

 

CASH Asset Management Associate Director Patrick Yiu said the market is in temporary consolidation. After this, "we will see the index climb to new highs at the end of the year".

 

Patrick Shum, chief portfolio strategist of Karl Thomson Securities, said the index would linger around 28500 in the short run.

 

(China Daily October 9, 2007)

 

Tools: Save | Print | E-mail | Most Read

Comment
Username   Password   Anonymous
 
China Archives
Related >>
- China may resume sales of new A-share funds
- China stocks start Q4 with new all-time high
- Local stocks may rise as National Day break ends
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Macao's gaming market expands further
-Online operators are on top of the game
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © China.org.cn. All Rights Reserved E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP证 040089号