Hong Kong stocks surged 852.13 points, or 3.68 percent, to
closed at 24,021.68 on Thursday as investors were encouraged by
Wall Street's gains overnight after retail sales rose unexpectedly
in January.
The Hang Seng Index closed at 24,021.68 after touching a high of
24,140.29. The index has now gained a cumulative 6.2 percent in an
uninterrupted three-day rally this week.
Turnover was 94.30 billion Hong Kong dollars.
Analysts said that the U.S. retail data was much better than
expected. Also, overall sentiment in both U.S. and Hong Kong seems
to have stabilized in the past few sessions, with both markets
advancing
China COSCO Holdings Ltd, the world's largest dry bulk shipping
company, rallied 2.10 HK dollars or 10.1 percent to close at 23.00
HK dollars.
China Shipping Development Co surged 10 percent to 23.15 HK
dollars after the company secured a better-than-expected 40 percent
increase in its domestic coal shipping tariff for 2008.
Fashion retailer Esprit, which sells to Europe and the US,
advanced 4.50 HK dollars or 4.8 percent to 98.35 dollars on
favorable US data.
Hong Kong property firms continued to rise on expectations of
another interest rate cut by the Federal Reserve in March. Sun Hung
Kai Properties rose three percent to 142 HK dollars, extending its
rise since Tuesday to 5.8 percent. Cheung Kong jumped 3.5 percent
to 120 HK dollars.
Bank of East Asia rose 5.1 percent to 42.95 HK dollars ahead of
its 2007 earnings report due Friday. The lender, the first local
bank to issue its financial results for last year, is expected to
report a 19 percent increase in 2007 net profit to 4.09 billion HK
dollars
CLP, one of Hong Kong's two power providers, was the only blue
chip to fall Thursday, dropping 0.9 percent to 61 HK dollars, after
Citigroup downgraded the stock to sell from hold. Century Premium
Developments surged 25 percent to 2.83 HK dollars after its parent,
PCCW, said it plans a 338 million U.S. dollars offer for the shares
it does not already own in the property firm.
(Xinhua News Agency February 15, 2008)
