HONG Kong shares have risen 0.46 per cent following a record-breaking close on Wall Street as dealers welcomed upbeat manufacturing data around the world.
The benchmark Hang Seng Index on Friday added 102.18 points to 22,190.97 on turnover of $HK49.09 billion ($A7.12 billion).
The rise came after the S&P 500 index breached the 1,700 level in New York and the Dow Jones Industrial Average hit its own record high.
"With the S&P trading through 1,700 for the first time ever, it has been one-way traffic for equities as the 'fear of missing out' sets in," Stan Shamu, market strategist at IG in Melbourne, told Dow Jones Newswires.
Investors readied for the release later on Friday of monthly US jobs figures, which will be scoured for any indication of when the Federal Reserve might begin to roll back its massive bond-buying program.
Two blue-chip earnings reports from tycoon Li Ka-shing's array of companies attracted strong attention.
Shares of telecom-to-property conglomerate Hutchison Whampoa closed up 4.5 per cent at $HK91.65, a two-year high, after reporting a better-than-expected 23 per cent increase in first-half earnings.
Nomura called the report "very solid", although it said an 8 per cent jump in the stock leading up to results meant upside was partially priced into the stock.
"That said, we expect further Street earnings upgrade given the positive growth momentum, and recommend buying on any share weakness," Nomura said.
HSBC was up 0.4 per cent at $HK88.80 while China Overseas Land & Investment rose 4.23 per cent to $HK23.40. Tencent fell 0.11 per cent to $HK360.20.
Chinese shares ended flat. The benchmark Shanghai Composite Index edged up 0.02 per cent, or 0.35 points, to 2,029.42 on turnover of 78.9 billion yuan ($A14.52 billion). The index rose 0.92 per cent for the week.
Losses in financial stocks offset gains in property developers, dealers said.
"Financial stocks fell on profit-taking and offset some earlier gains. But I remain optimistic on the market outlook as the domestic economy has shown signs of recovery," Zheshang Securities analyst Zhang Yanbing told AFP.
The government announced on Thursday that its purchasing managers index, a measure of manufacturing activity, rose to 50.3 in July from 50.1 in June.
Property developers led gains on hopes Beijing will ease their financing curbs as a way to boost the economy.
Xinhu Zhongbao surged by its 10 per cent daily limit to 3.65 yuan while Poly Real Estate jumped 3.70 per cent to 10.93 yuan.
Financial shares were lower.
New China Life Insurance lost 1.75 per cent to 22.46 yuan, Everbright Securities fell 1.33 per cent to 11.16 yuan and China Citic Bank shed 0.85 per cent to 3.49 yuan.
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