HONG KONG, Jan. 30 (Chinese media) -- Hoping that the Chinese mainland will have more stimulus measures after the traditional Chinese new year, Hong Kong shares closed slightly higher on Friday.
After opening lower at 12,958.08, the blue chip Hang Seng Index rose 123.78 points, or 0.94 percent to 13,278.21 after falling to an intraday low of 12,899.57. Turnover rose to 44.10 billion HK dollars (5.69 billion U.S. dollars) from 39.16 billion HK dollars (5.05 billion U.S. dollars) on Thursday.
Analysts said that the market's rise Friday was a positive signal as the Hong Kong market didn't track overseas weakness.
Heavyweight HSBC resumed its decline after sharp gains in the previous session, on persistent worries the bank would need to raise more funds and cut its dividend. HSBC fell 2.9 percent to 60. 80 HK dollars.
Another local bank Hang Seng rose 3.89 percent, or 3.55 HK dollars, to 91.25 HK dollars, while Bank of East Asia moved up 1. 69 percent, or 0.26 HK dollars to close at 15.42.
Cathay Pacific Air moved up 3.28 percent, or 0.29 HK dollars to end at 8.85 HK dollars.
Chinese banks and insurers propelled Hong Kong shares higher, Bank of Communications rose 4.7 percent to 5.18 HK dollars, Bank of China climbed 2.48 percent to 2.02 HK dollars and Ping An Insurance jumped 6.0 percent to 34.30 HK dollars. China Life moved up 0.24 percent to 20.75 HK dollars.
ICBC plunged 0.89 percent, or 0.03 HK dollars to 3.38 HK dollars, China Mobile moved up 0.71 percent to 70.00 HK dollars and China UNICOM rose 2.09 percent at 7.17 HK dollars.
Some economists said that there were expectations of Beijing launching more economic stimulus measures, which may include interest rate cuts after the country's producer prices in December fell for the first time in six years and consumer prices rose at the slowest pace in over two years.
Chinese markets are closed this week for the New Year holidays, and will reopen Monday.
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