Hong Kong stocks stood above 21,000 level again on Tuesday after posting a V-type rebound in its last minutes trading.
The benchmark Hang Seng Index added 50.63 points, or 0.24 percent, to open at 20,956.94 and once climbed as much as 160.27 points, or 0.76 percent, to the day's highest 21,066.58 but lacked momentum to sustain the gains.
The market fell by as much as 310.72 points, or 1.48 percent, to the day's lowest 20,595.59 shortly after trading was resumed in the afternoon session.
Bargain-hunting investors purchased blue-chip heavyweights near closing, returning the index with a V-type comeback in the last 30minutes of trading to close at 21,042.46, up 136.15 points, or 0. 65 percent.
Turnover rose to 49.01 billion HK dollars (6.28 billion U.S. dollars) from Monday's 41.1 billion HK dollars (5.27 billion U.S. dollars).
Among 43 components of the Hang Seng Index, advancers outnumbered declining shares 26 to 15, with 2 others unchanged.
Market heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, added 0.99 percent to 122.9 HK dollars, lifting the index by 33.48 points alone.
China Mobile, the largest stock measured by market capitalization, bounced 1.43 percent to 88.75 HK dollars, boosting the index by 32.3 points.
Hong Kong Exchanges and Clearing Limited, the market's sole operator, picked up 0.6 percent to 100.6 HK dollars.
Local property companies in Hong Kong were heading towards different directions. Cheung Kong, one of Hong Kong largest house developers controlled by tycoon Li Ka-shing, bounced 1.08 percent to 112.4 HK dollars. SHK Property, the largest house developer in Hong Kong, went up 0.66 percent to 107.2 HK dollars. Henderson Land gained 2.03 percent to 47.7 HK dollars. New World Development continued to weaken 0.7 percent to 11.42 HK dollars. Sino Land advanced 1.19 percent to 13.66 HK dollars. Hang Lung Property dipped 0.41 percent to 24.1 HK dollars.
China Enterprise Index, or H-shares composed of companies registered in the Chinese mainland, picked up 14.27 points or 0.12percent, to 11,453.15 despite weak performance of stock markets in the Chinese mainland.
Energy companies were mixed as oil prices dropped to 106 U.S. dollars a barrel in Asia trading. PetroChina, or the country's largest oil producer, added 0.71 percent to 9.95 HK dollars. Sinopec, Asia's largest oil refiner, was boosted by the falling oil prices, up 3.15 percent to 7.53 HK dollars. CNOOC, China's largest offshore oil producer, plunged 5.17 percent to 11.38 HK dollars.
China's banks were lower but insurance companies gained ground. ICBC, China's largest lender, skid 0.37 percent to 5.35 HK dollars. Bank of China, the country's second largest bank, remained unchanged at 3.33 HK dollars. China Construction Bank dropped 0.48 percent to 6.25 HK dollars. Bank of Communications dipped 0.22 percent to 8.9 HK dollars. China Merchants Bank lost 2.31 percent to 25.35 HK dollars.
China Life, the country's largest insurer, bounced 1.54 percent to 29.7 HK dollars. Ping An, the second largest insurance company, gained 2.19 percent to 58.25 HK dollars. (7.8 HK dollars = 1 U.S. dollar)
Source:Xinhua
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