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Hong Kong stocks reaches new record high (2) |
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19:35, July 20, 2007 |
Mainland property stocks continued rising, defying possible macro-control measures. China Overseas breached the top by surging 9.08 percent as JP Morgan called for a Buy on it and raised its target price by 35 percent. Agile Property spiked 9.43 percent, setting a fresh high as UBS gave it a Buy rating for the first time with a target at 14.
On resource stocks side, PetroChina was up nearly 2 percent, and Sinopec Corp up 0.24 per cent; coal stocks recovered, China Coal, China Shenhua and Yanzhou Coal up 3.26 per cent to 5.2 per cent; Jiangxi Copper added 2.73 percent, Zijin Mining soared 11 percent.
Domestic demand stocks performed well. Mengniu Dairy was up 3. 64 percent, Parkson Group up 2.41 percent, Li Ning up 5.18 percent, Belle Int''l up 4.43 percent.
Aviation H-shares moved higher alongside their A shares. Air China was up 2.69 percent, China South Air up 4.8 percent and airport stock Beijing Airport up 3.51 percent.
HSBC China Dragon closed at 12 HK dollars on its first day of trading, off an intraday high of 12.08 HK dollars but sharply higher than its IPO price of 10 HK dollars. The fund will invest in A shares and B shares in mainland China, and H shares and red chips in Hong Kong.
Semi-fresh Fosun Int''l was up 0.72 percent, China Transmission flat, Xinhua Winshare down 2.74 percent after gains, China Automation down 1.04 percent, Anta up 2.23 percent and Vinda Int'' l up 3.08 percent. (One U.S. dollar equals 7.81 HK dollars)
Source: Xinhua
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