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HK stocks surge on Premier's remarks, Wall Street rally

(Xinhua)
Updated: 2009-03-13 17:36

Hong Kong stocks closed sharply higher on Friday as the market was buoyed by Premier Wen Jiabao's latest remarks on new economic stimulus measures.

Encouraged by Wall Street's abrupt rally overnight, the benchmark Hang Seng Index jumped 393.65 points, or 3.28 percent, to open at 12395.18 and extended its gains to 524.27 points, or 4.37 percent, to close at the day's highest 12525.8.

At a press conference after the conclusion of the Chinese top legislature's annual meeting held in Beijing Friday morning, Premier Wen said China is ready to roll out new and greater stimulus measures to boost the economy at any time necessary.

The market had rebounded about 10 percent from Monday's tumble triggered by HSBC's unusual plunge following its $17.7 billion of rights issue.

Turnover rose sharply to HK$43.93 billion ($5.67 billion) from Thursday's HK$28.53 billion ($3.68 billion).

Share prices rose across the board. Among 42 constituents of the Hang Seng Index, advancer greatly outnumbered losers by 40 to 2.

HSBC, which accounts for the largest weighting of the benchmark Hang Seng Index, advanced 5.66 percent to HK$38.25, compared with its ex-rights price at HK$35.6 on Thursday.

Friday's closing price for HSBC has been up about 28.8 percent from closing price at HK$33 set in the last-second closing auction session on Monday.

Another market heavyweight China Mobile, the market's largest stock by capitalization and the country's largest mobile phone operator, gained 2.81 percent to HK$67.7.

Local banks in Hong Kong were all higher. BOC Hong Kong, a bank note issuer in Hong Kong, jumped 4.17 percent to HK$6.99. Standard Chartered Bank, another note-issuing bank, advanced 6.13 percent to HK$89.2. Hang Seng Bank, a major local bank controlled by HSBC, rallied 6.03 percent to HK$77.4. Bank of East Asia bounced 4.61 percent to HK$13.16.

The Hong Kong Exchanges and Clearing Ltd, the market's sole operator, surged 8.09 percent to HK$63.5. Board of the market operator said on Thursday that it would scrap the controversial 10-minute closing auction trading session as of March 23 for the sake of market stability.

The unlimited pricing scheme was accused of being used for manipulation of closing prices and was blamed for the market's unusual tumble on Monday.

Hong Kong's property companies were stronger. Sung Hung Kai Property, the city's largest developer, increased 6.28 percent to HK$62.6. Cheung Kong, one of the largest property companies controlled by tycoon Li Ka-shing, went up 4.93 percent to HK$62.8. Henderson Land added 2 percent to HK$25.5. Sino Land rose 3.66 percent to HK$6.52. Hang Lung Property rallied 4.93 percent to HK$15.74. New World Development moved up 4.31 percent to HK$6.78.

The China Enterprise Index, which reflects the performance of 42 major companies registered on the mainland, soared 320.04 points, or 4.6 percent, to close at 7282.52 as Premier Wen Jiabao's remarks at the press conference boosted investors' confidence in the country's economic outlook.

Hong Kong-listed banks and insurers on the Chinese mainland all rose. ICBC, China's largest lender, jumped 5.02 percent to HK$3.35. Bank of China increased 2.25 percent to HK$2.27. China Construction Bank rebounded 4.88 percent to HK$4.08. Bank of Communications dipped 0.44 percent to HK$4.56. China Merchants Bank was up 4.69 percent to HK$12.96.

China Life, the country's largest insurer, gained 4.87 percent to HK$23.7. Ping An, China's second largest insurance company behind China Life, surged 8 percent to HK$44.

China's energy companies all rebounded despite the pullback of oil prices in Asia trading. PetroChina, the country's largest oil producer, leaped 5.89 percent to HK$5.75. Sinopec, the country's largest refiner, advanced 4.91 percent to HK$4.06. CNOOC, China's largest offshore oil producer, rose 4.09 percent to HK$7.12.