Hong Kong's benchmark Hang Seng Index ended higher Tuesday after
four straight days of losses on a technical rebound led by utility
shares.
The index has risen 34 percent so far this year since closing at
19,964 on Dec. 29, the last trading day of 2006. Traders said they
don't expect significant gains before the end of year on window
dressing by funds, because many of them had already made sizable
profits during the bull run earlier in the year.
The blue-chip Hang Seng Index rose 136.29 points, or 0.51
percent, to 26,732.87 after trading between 26,093.96 and 26,912.
29. The index had fallen 9 percent, or 2,630 points, in the
previous four trading sessions.
Turnover totaled 103.43 billion HK dollars, down slightly from
104.44 billion HK dollars Monday.
Three of the major categories gained ground Tuesday. The
Utilities gained most at 3.99 percent, followed by the Finance at
0.50 percent and the Commerce and Industry at 0.41 percent. The
Properties edged down 0.26 percent.
Hong Kong's two electricity suppliers posted solid gains. They
are scheduled to unveil new tariffs for next year on Friday, when
they may also give an update on the progress of their negotiations
with the Hong Kong government on the terms of their new franchises
that start January 2009.
Hongkong Electric rose 6.1 percent to 42.10 HK dollars and was
the biggest blue-chip gainer of the day. Its larger rival, CLP,
rose 2.1 percent to 53.90 HK dollars.
Cheung Kong Infrastructure, which owns 39 percent of Hongkong
Electric, rose 3.5 percent to 29.85 HK dollars. Hong Kong and China
Gas, the city's dominant gas supplier, rose 4.9 percent to 22.65 HK
dollars.
(Xinhua News Agency December 19, 2007)
