| HK stocks rebound 1.7% after sharp drop |
| 2007-11-07 04:25 |
| From:Xinhua Article type:Reproduced |
HONG KONG, Nov. 6 -- Property developers and Chinese banks rose Tuesday, helping Hong Kong's benchmark index to stage a partial rebound from the previous session's record one-day loss. The benchmark Hang Seng Index rose 495.81 points, or 1.7 percent, to 29,438.13 after trading between 29,470.97 and 28,479. 03 during the session. H-share index, which reflected the performance of state-owned companies registered in the Chinese mainland, climbed 566.02 points, or 2.66 percent, to 21,810.31. Turnover rose to 169.64 billion HK dollars (21.87 billion U.S. dollars from Monday's 158.76 billion HK dollars (20.46 billion U.S. dollars). However, renewed concerns over problems in the global credit markets capped local share prices, and some traders said the Hong Kong bourse's correction may not be over yet. The Hang Seng Index fell by 5 percent, or a record 1,526.02 points on Monday. But over the past two months to Tuesday's close, the blue-chip index has gained nearly 23 percent. After recent sharp falls, Bank of Communications jumped 7.4 percent to 13.04 Hong Kong dollars and Bank of China climbed 5.3 percent to 4.81 Hong Kong dollars. Property developers got a boost from a Merrill Lynch and Co. research report, which forecast a 50 percent rise in residential property prices by end-2009 from current levels, due to a structural shortage of flats and a cyclical upturn of housing demand. Sun Hung Kai Properties rose 6.6 percent to 141.60 Hong Kong dollars while Cheung Kong jumped 7.5 percent to 142.80 Hong Kong dollars. Alibaba.com surged in its first day of trading, ending at 39.50Hong Kong dollars, nearly tripling its IPO (initial public offering) price of 13.50 Hong Kong dollars. Its market capitalization was almost 200 billion Hong Kong dollars (about 25.81 billion U.S. dollars), bigger than Hong Kong's blue-chip developers such as Hang Lung Properties and Henderson Land. Alibaba.com, the business-to-business unit of Alibaba Group, raised 1.5 billion U.S. dollars in the biggest IPO by a Chinese Internet company. |
| (Source: English Site of Department of Information Technology) |
 | HK stocks plunge with record one-day point fall 2007-11-06 05:30 |
| Roundup: HK stocks close at record high 2007-10-30 04:34 |
| HK stocks rebound 1.19%, China Mobile shines 2007-10-18 05:37 |
| HK stocks fall after set a new record 2007-10-17 05:45 |
| HK stocks surge to new closing record 2007-10-16 05:46 |
| HK stocks gain 1.21% at new record 2007-10-11 05:56 |
| HK stocks cross over 28,000 mark in volatile trading 2007-10-10 05:40 |
| Chinese official: Individual investment in HK stocks not to affect A-shares 2007-09-06 06:44 |
| Roundup: HK stocks higher, breaking records 2007-09-06 04:55 |
| HK stocks make 2.02% comeback, buoyed by Wall Street 2007-08-31 05:36 |
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