Hong Kong stocks regain 13,000 mark on Wall Street performance

HONG KONG, Feb. 25 (Chinese media) -- Hong Kong stocks

rebounded modestly on Wednesday and regained the key 13,000 level as investors

were encouraged by the strong performance of Wall Street overnight.

The benchmark Hang Seng Index

recovered 181.34 points, or 1.42 percent, to open at 12,979.86 and once jumped

349.79 points, or 2.73 percent, to the day's highest 13,148.31.

A pedestrian walks past a Hang Seng

Index electronic board in Hong Kong, south China, Feb. 25, 2009. The Hang

Seng Index rose 206.56 points on Wednesday to close at 13,005.08.

(Chinese media/Wong Pun Keung)
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The market narrowed its gains in the morning session

and added only 59.76 points, or 0.47 percent, to the day's lowest 12,858.28 in

the morning session after Hong Kong financial secretary John Tsang predicted in

the Budget that the city's economy would likely contract 2-3 percent in 2009.

Investors' anxiety was eased by strong rally in other

stock markets in the region, pulling the index up by 206.56 points, or 1. 61

percent, to close at 13,005.08.

Turnover rose to 37.28 billion HK dollars (4.81

billion U.S. dollars) from Tuesday's 36.97 billion HK dollars (4.77 billion U.S.

dollars).

Among 42 components of the Hang Seng Index, advancing

shares outnumbered declining issues 36 to 6.

China Mobile, the market's largest stock by

capitalization and the country's largest mobile phone operator, bounced 1.22

percent to 70.45 HK dollars.

Another market heavyweight HSBC, which accounts for

the largest weighting of the index, rallied 2.7 percent to 55.1 HK dollars,

lifting the index by 37.09 points alone.

Hong Kong Exchange and Clearing Ltd., the market's

sole operator, edged up 0.24 percent to 63.5 HK dollars.

Banking and financial sectors were the market's major

driving forces. ICBC, China's largest lender, recovered 1.54 percent to 3.29 HK

dollars. Bank of China, the country's second largest bank, bounced 1.91 percent

to 2.13 HK dollars.

China Construction Bank rose 3.11 percent to 3.98 HK

dollars. Bank of Communications added 1.25 percent to 4.87 HK dollars. China

Merchants Bank gained 1.87 percent to 12 HK dollars.

China Life, the country's largest insurer, increased

1.56 percent to 22.8 HK dollars. Ping An, China's second largest insurance

company, jumped 5.56 percent to 38.95 HK dollars.

Hong Kong's local property companies were all higher.

Sun Hung Kai Property bounced 1.5 percent to 60.9 HK dollars. Cheung Kong gained

1.09 percent to 65.1 HK dollars. Henderson Land shot up 4. 74 percent to 26.5 HK

dollars. Sino Land added 1.16 percent to 6. 09 HK dollars. Hang Lung rose 3.68

percent to 14.64 HK dollars. New World Development edged up 0.14 percent to 7.09

HK dollars.

Energy companies were modestly higher though global

oil prices slid to 39.6 U.S. dollars a barrel. PetroChina, the country's largest

oil producer, added 1.23 percent to 5.78 HK dollars. Sinopec, Asia's largest oil

refiner, rebounded 0.95 percent to 4. 26 HK dollars. CNOOC, China's largest

offshore oil company, went up 0.44 percent to 6.81 HK dollars.

China Enterprise Index or H-shares, which reflect the

performance of 42 companies registered on the Chinese mainland listed in Hong

Kong, gained 115.51 points, or 1.63 percent, to close at 7,183.72. (7.75 HK

dollars = 1 U.S. dollar)

Hong Kong financial secretary presents 2009-2010

budget

HONG KONG, Feb. 25 (Chinese media) -- Hong Kong Special

Administrative Region (HKSAR) government will likely have a surplus of 18

billion HK dollars (2.32 billion U.S. dollars) in the Operating Account for

2008-2009.

HKSAR government financial secretary John Tsang made the

forecast while delivering the Budget for the fiscal year 2009-2010 at the

Legislative Council here Wednesday. Full story