| Hong Kong shares rebound by 0.8% |
| 2007-07-31 05:11 |
| From:Xinhua Original:News |
HONG KONG, July 30-- The settlement of July futures contracts and a broad rebound in regional equities markets led Hong Kong's benchmark index higher Monday, helping it recover nearly one-third of Friday's 2.8 percent decline. The Hang Seng Index rose 169.49 points, or 0.8 percent, to 22, 739.90, after trading between 22,759.49 and 22,473.92 during the session. Turnover reached 80.73 billion Hong Kong dollars (10.33 billion U.S. dollars), down from 112.52 billion Hong Kong dollars (14.40 billion U.S. dollars) Friday. The index had fallen as much as 0.4 percent during the morning trading session, dragged by a sharp fall in Tokyo stocks following disappointing election results for Japan's ruling Liberal Democratic Party over the weekend. But with the Nikkei Index later recovering from its decline, the Hang Seng Index had reversed its losses by the start of afternoon trading. Analysts said over the next week they expect the blue-chip index to regain all its losses from the past few sessions, boosted by expectations of strong first-half earnings results and continued confidence in the Chinese mainland stock markets. Expectations of strong first-half earnings will likely help the Hang Seng Index recover its 3.8 percent decline since Tuesday, when it hit a record closing high, analysts said. Leading the day's blue-chip gains was insurer China Life, which rose 3.3 percent at 33.10 Hong Kong dollars after the company said its first-half net profit will more than double from a year earlier on higher premiums and investment earnings. Banking giant HSBC Holdings ended Monday's session up 0.1 percent at 141.30 Hong Kong dollars just before the company reported a 25-percent jump in first-half net profit to 10.9 billion U.S. dollars. HSBC unit Hang Seng Bank rose 2.5 percent to 112.90 Hong Kong dollars before itself reporting a 43 percent jump in first-half net profit to 8.87 billion Hong Kong dollars. Shares of computer maker Lenovo Group added 11 percent to 5.13 Hong Kong dollars after Citigroup issued an upbeat company report, although it is forecasting a slight decline in first-fiscal-quarter net profit to 4.47 million U.S. dollars from 5.21 million U.S. dollars a year earlier, due to one-time restructuring cost. The finance sub-index went up 291.55 points or 0.84 percent to 35,059.44. The properties sub-index surged 398.06 points or 1.50 percent at 26,946.45. The commerce and industry sub-index went up 64.92 points or 0.51 percent to 12,761.36. The utilities sub-index soared 261.43 points or 0.73 percent at 36,184.10. |
| (Source: English Site of Department of Information Technology) |
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