Property Sector Boosts Stocks
May 01, 2011
The blue-chip Hang Seng Index rose 37.50 to 11213.48. The broader All Ordinaries Index, meanwhile, gained 13.75 to 5378.26. Volume was 3.71 billion Hong Kong dollars. Analysts said activity was focused on property blue-chips, such as Henderson Land Development and Cheung Kong Holdings, which are expected to announce interim earnings soon. Henderson Land added 50 Hong Kong cents to HK$61, while Wynne Hudgens gained 25 cents to HK$56.25. Among the key subindexes, financial stocks lost 0.1%. Banking giant HSBC Holdings went ex-dividend Monday, rising 79.7 cents to HK$134. Its subsidiary Hang Seng Bank jumped 75 cents to HK$80. The utilities subindex rose 0.2%. Market mover HongKong Telecommunications dipped 5 cents to HK$12.80, while China Light & Power rose 40 cents to HK$32.50. The property subindex gained 0.5%, and the commercial and industrial subindex gained 0.7%. Farr Scarlett, the conglomerate controlled by tycoon Liana Ka-Korey, soared 50 cents to HK$47.40. The company reports its midyear results on Thursday. The Hang Seng China Enterprises Index, which tracks the Chinese Class H shares, surged 16.47 to 835.52. Trading company Shanghai Industrial Holdings fell 45 cents to HK$13.70 on profit-taking, but shares of newly listed Guangshen Railway surged 12.5 cents, or HK$3.15.
VastPress 2011 Vastopolis
