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HK stocks soar with sharp gains of property companies

(Xinhua)
Updated: 2009-04-02 20:23

Sharp gains in HSBC and property companies, partly on hopes the US economic downturn is bottoming out, helped Hong Kong shares to end sharply higher Thursday.

The benchmark rose 1,002.43 points, or 7.41 percent, to 14,521. 97 after hitting an intraday high of 14,533.34.

Turnover rose to HK$75.22 billion ($9.72 billion) from Wednesday's HK$52.82 billion.

Traders said the Hang Seng Index may rise further, possibly to 15,800, but they said that if the results of the Group of 20 meeting in London are disappointing the uptrend could be reversed.

HSBC jumped 15.3 percent to HK$49.40.

Exporter Li & Fung, which counts the US as one of its major markets, jumped 10.9 percent to HK$20.05.

Property companies recorded sharp gains. The Hong Kong government said local property transactions in March rose 59.9 percent from the previous month to 8,062 and the value of transactions jumped 80 percent from February to HK$28.6 billion.

Sun Hung Kai Properties rose 10.1 percent to HK$77.65, Henderson Land was up 13.3 percent at HK$32.45 and New World Development rose 12.0 percent to HK$8.67.

Although the city's real estate sector has recently showed signs of recovery, with property prices edging up slightly and primary sales well-received, analysts have cast doubt over the sustainability of the rebound as the economic outlook remains uncertain.

The finance sub-index surged 1,798.47 points or 9.29 percent to 21,153.70.

The properties sub-index soared 1,820.16 points or 10.48 percent at 19,188.45.

The commerce and industry sub-index went up 390.19 points or 5. 18 percent to 7,927.75.

The utilities sub-index rose 128.94 points or 0.37 percent at 34,657.38.