Hang Seng Index Above 17,000 Again
The Hang Seng Index yesterday
rose by 2.4%, beating the 17,000 level for the first
time since March on a flow of foreign investment betting
that the US interest rate cycle is near its peak. There was across-the-board
buying, with telecoms, banks and red chips all gaining
ground. But nervousness about earnings prospects held
back small internet-related companies, which fell
slightly along with the GEM index. Investors sought big
stocks whatever the sector: the two most heavily traded
counters were HSBC Holdings and China Mobile (Hong
Kong), which together make up nearly 50% of the Hang
Seng's weighting. The Hang Seng properties
sub-index jumped 4.8% cent as investors scooped up
Hysan Development, up 15.7% at $10.30, and Amoy Properties,
9.8% ahead at $6.70. Away from the main board,
Internet leader Pacific Century CyberWorks jumped
7.06% to $15.15. Despite the market's
optimistic mood, brokers were cautious, with several
warning that it was too soon to predict the end of
interest rate rises in the US. .
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.