|
|
Hong Kong stocks reaches new record high |
 |
+ |
- |
19:28, July 20, 2007 |
Hong Kong benchmark index close at record high Friday, pushed by China Mobile and Chinese mainland financial stocks, with the total capitalization of the Hong Kong market also hitting new record of 17.49 trillion HK dollars (2.23 trillion U.S. dollars).
The Hang Seng Index mounted after a 179 points higher opening, resetting an all-time intraday high of 23,302 in the afternoon and finished up 276 points at 23,292, despite widespread expectations of another policy tightening by China. The H-share index outperformed the broader market, rising 2.1 percent to 13,152.25.
Turnover totaled 83.45 billion HK dollars, up from 70.82 billion Thursday. The index rose 0.8% on the week. Chinese mainland stocks, or H-share, outperformed the broader market, rising 2.1 percent to 13,152.25.
Analysts said the anticipated tightening measures have already been priced in by the local market, and flush liquidity continues to drive up share prices.
Heavyweight China Mobile, the world''s largest wireless operator by subscribers, rose 2.5 percent to 93.20 HK dollars. The operator added 5.53 million customers in June, a monthly record, up from 5.46 million new subscribers in May.
Chinese finance stocks advanced, buoyed by the sharp hikes in mainland stock markets on the eve of holiday. Ping An and PICC P&C jumped 2.54 percent and 7.12 percent respectively. China Life added 2.65 percent.
Chinese mainland banks put in mixed shows. CCB put on 2.74 percent after BNP boosted its target price to 7.03 HK dollars. CM Bank gained 2.33 percent. ICBC eased after hikes and remained unchanged. Bankcomm climbed 1.13 percent, while Bank of China and CITIC Bank dipped 0.23 percent to 3.69 percent.
[1] [2]
|
|
|
Comment
Tell A Friend
Print Format
Save Article