Hong Kong's benchmark Hang Seng Index ended higher Tuesday after four straight days of losses on a technical rebound led by utility shares.
The index has risen 34 percent so far this year since closing at 19,964 on Dec. 29, the last trading day of 2006. Traders said they don't expect significant gains before the end of year on window dressing by funds, because many of them had already made sizable profits during the bull run earlier in the year.
The blue-chip Hang Seng Index rose 136.29 points, or 0.51 percent, to 26,732.87 after trading between 26,093.96 and 26,912. 29. The index had fallen 9 percent, or 2,630 points, in the previous four trading sessions.
Turnover totaled 103.43 billion HK dollars, down slightly from 104.44 billion HK dollars Monday.
Three of the major categories gained ground Tuesday. The Utilities gained most at 3.99 percent, followed by the Finance at 0.50 percent and the Commerce and Industry at 0.41 percent. The Properties edged down 0.26 percent.
Hong Kong's two electricity suppliers posted solid gains. They are scheduled to unveil new tariffs for next year on Friday, when they may also give an update on the progress of their negotiations with the Hong Kong government on the terms of their new franchises that start January 2009.
Hongkong Electric rose 6.1 percent to 42.10 HK dollars and was the biggest blue-chip gainer of the day. Its larger rival, CLP, rose 2.1 percent to 53.90 HK dollars.
Cheung Kong Infrastructure, which owns 39 percent of Hongkong Electric, rose 3.5 percent to 29.85 HK dollars. Hong Kong and China Gas, the city's dominant gas supplier, rose 4.9 percent to 22.65 HK dollars.
Source: Xinhua
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