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Hong Kong stocks close 0.08% higher

(Xinhua)
Updated: 2009-03-27 16:56

Hong Kong stocks Friday rallied by closing slightly higher, mainly due to support from local property firms.

Related readings:  Bank shares lead market fightback   Hong Kong stocks soar 3.57% on Thursday  Chinese shares gain 3% as overseas markets rebound  Hong Kong stocks close 2.07% lower

The benchmark Hang Seng Index closed with a mild rose of 10.52 points, or 0.08 percent, to close at 14,119.50 after trading between 13,955.66 and 14,257.56 with narrow fluctuation during the day.

Property companies supported the local benchmark, with the property sub-index rising 1.7 percent, outperforming the broader market.

Sino Land rose 5.5 percent to HK$8.26 (about $1.07) and Hang Lung Properties gained 3.6 percent to HK$18.56 (about $2.39).

However, Hong Kong tycoon Li Ka-shing's Cheung Kong fell 1.3 percent to HK$70.50 (about $9.11) after it reported a 44 percent decline in 2008 net profit to HK$15.52 billion (about $2.01 billion) on lower property revaluation gains and a lower contribution from its Hutchison Whampoa affiliate.

According to traders, the city's market in the near term will possibly consolidate due to the weak global economy.