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Hong Kong stocks rise 0.59% in quiet trading

(Xinhua)
Updated: 2009-03-12 19:47

Hong Kong stocks closed modestly higher on Thursday amid a relatively quiet trading, reclaiming the key 12,000 mark during the last-minute closing auction session.

The benchmark Hang Seng Index dipped 25.19 points, or 0.21 percent, to open at 11,905.47 and fluctuated between intra-day high 12,040.84 and intra-day low 11,848.5 before advancing 70.87 points, or 0.59 percent, to close at 12,001.53, barely holding above the key 12,000 level.

Turnover fell sharply to HK$28.53 billion ($3.68 billion) from Wednesday's HK$44.72 billion.

Among 42 constituents of the Hang Seng Index, advancing shares led losers 29 to 13.

HSBC, which accounts for the largest weighting of the benchmark Hang Seng Index, rose 1.67 percent to HK$36.2, compared with its ex-rights price at HK$35.6.

HSBC has been the focus of the market after its proposed $17.7 billion of rights issue triggered great downfall and volatility of the market during the past week.

Another market heavyweight China Mobile, the market's largest stock by capitalization and the country's largest mobile phone operator, added 0.69 percent to HK$65.85.

Local banks in Hong Kong were heading towards different directions. BOC Hong Kong, a bank note issuer in Hong Kong, went up 1.67 percent to HK$6.71. Standard Chartered Bank, another note-issuing bank, rallied 2.75 percent to HK$84.05. Hang Seng Bank, a major local bank controlled by HSBC, advanced 1.25 percent to HK$73. Bank of East Asia lost 4. 84 percent to HK$12.58.

The Hong Kong Exchanges and Clearing Ltd, the market's sole operator, edged up 0.09 percent to HK$58.75. Board of the market operator said on Thursday that it was considering to remove the controversial 10-minute closing auction trading session as the unlimited pricing scheme was accused of being used to manipulate market prices.

Hong Kong's property companies were mixed. Sung Hung Kai Property, the city's largest developer, weakened 0.51 percent to HK$58.9 after the housing giant reported a 95 percent of decline of profits in 2008.

Cheung Kong, one of the largest property companies controlled by tycoon Li Ka-shing, rose 1.27 percent to HK$59.85. Henderson Land gained 1.22 percent to HK$25. Sino Land rallied 2.11 percent to HK$6.29. Hang Lung Property rose 2. 18 percent to HK$15. New World Development moved up 0.31 percent to HK$6.5.

The China Enterprise Index, which reflects the performance of 42 major companies registered in the Chinese mainland, fell 45.26 points, or 0.65 percent, to close at 6,962.48 as China's exports plunged more than 20 percent during the first two months of the year.

Hong Kong-listed banks and insurers in the Chinese mainland were mixed. ICBC, China's largest lender, weakened 2.15 percent to HK$3.19. China Construction Bank fell 2.02 percent to HK$3.89. Bank of Communications dipped 0.44 percent to HK$4.56.

Bank of China increased 0.91 percent to HK$2.22. China Merchants Bank was up 0.49 percent to HK$12.38.

China Life, the country's largest insurer, rose 1.8 percent to HK$22.6. Ping An, China's second largest insurance company behind China Life, added 2.52 percent to HK$40.75.

China's energy companies were slightly lower as worries over the slowdown in demands outweighed the rebounding of oil prices in Asia market trading. PetroChina, the country's largest oil producer, skid 0.37 percent to HK$5.43. Sinopec, the country's largest refiner, dropped 0.77 percent to HK$3.87. CNOOC, China's largest offshore oil producer, shed 0.15 percent to HK$6.84.