Hong Kong stocks closed with a moderate rebound of 0.47 percent at 21,392.71 on Thursday, boosted by resources shares, including oil shares, as well as market heavyweight China Mobile.
The blue chip Hang Seng Index edged up a modest 0.04 percent, or 9.38 points, to open at 21,302.70 before moving downward into negative ground by lunch break.
The key barometer has lost about 3 percent over the previous three days and analysts said the sentiment overall was still bearish given the current lackluster externals.
The Hang Seng Index moved between 21,453.48 and 21,109.01 on Thursday, with turnover totaling 61.15 billion HK dollars (7.84 billion U.S. dollars), lower than Wednesday's 69.32 billion HK dollars (8.89 billion U.S. dollars).
China Mobile rebounded 2 HK dollars to close at 94.8 HK dollars after a couple of losing days in a row. Merrill Lynch said it expected the mainland-based carrier to record a net profit growth of 34.6 percent for the first half of the year.
China Mobile alone contributed 51.68 points to the rise of the Hang Seng Index, and offshore oil producer CNOOC contributed even more -- 59.88 points, as it surged 0.78 HK dollars, or 7.49 percent, at 11.2 HK dollars.
PetroChina rose 2.34 percent at 10.06 HK dollars, whereas Sinopec, another mainland oil giant lost 0.76 percent to close at 7.84 HK dollars.
China Shenhua, the mainland coal giant and one of the blue chips, also surged 1.5 HK dollars, or 6.42 percent, to end at 24. 85 HK dollars.
But analysts generally maintained their bearish views of the market, tipping the Hang Seng Index to move in a narrow range and possibly testing the 21,000 level.
Banking giant HSBC was down 1.10 percent to 125.4 HK dollars, joining several other losing stocks in the sector to pull the finance sub-index down 203 points, or 0.61 percent, to 32,903.39, and make it the only loser among the four major categories.
ICBC, one of the largest state-owned commercial banking giants, closed down 0.95 percent at 5.2 HK dollars, and China Construction Bank lost 1.29 percent at 6.12 HK dollars. Bank of China was unchanged at 3.34 HK dollars.
BOC Hong Kong ended down 1.34 percent at 19.14 HK dollars.
China Life, one of the mainland insurers, added 1.65 percent at27.7 HK dollars, and Ping An added 0.6 HK dollars, or 1.26 percent, at 48.3 HK dollars.
The properties sub-index gained a modest 0.18 percent at 26,071. 25, with Hong Kong's leading residential developer Sun Hung Kai Properties adding 0.1 HK dollars, or 0.09 percent, at 112HK dollars, and Cheung Kong, the real estate conglomerate headed by billionaire Li Ka-shing, moving down 0.64 percent to 109 HK dollars.
The utilities category added 576.47 points, or 1.31 percent, to close at 44,473.63, and the commerce and industry sub-index advanced 1.62 percent to 11,671.05.
HKEx, the only stock exchange in the Hong Kong Special Administrative Region, lost 2.5 HK dollars to 101 HK dollars per share after poorer-than-expected interim results.
China Unicom, a far second to China Mobile, lost 0.2 HK dollars, or 1.35 percent, at 14.6 HK dollars, and China Netcom lost 1.81 percent at 21.7 HK dollars.
Li & Fung slumped 7.63 percent to close at 24.2 HK dollars. (7.8 HK dollars = 1 U.S. dollar)
Source:Xinhua
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