Stronger Banks Boost Shares
April 28, 2011
The blue-chip Hang Seng Index gained 17.59 to 11175.98. The broader All Ordinaries Index rose 8.55 to 5364.51. Volume was valued at 4.326 billion Hong Kong dollars. Analysts said that investors may be betting that the U.S. Federal Reserve's policy-setting arm will not change interest rates at its meeting Tuesday. China-related stocks also advanced Friday as so-called ``red chips'' -- Hong Kong-based companies controlled by mainland Chinese interests -- rose. The Hang Seng China Enterprises Index, which tracks mainland Class H shares, surged 4.3%. The financial subindex surged 1.0%. Shares of banking giant HSBC Holdings added HK$1.50 to HK$135, while its subsidiary unit Hang Seng Bank jumped 75 Hong Kong cents to HK$79.25. Bank of East Asia was unchanged at HK$27.85. The utilities fell 0.4%. Hongkong Telecommunications slipped 5 cents to HK$12.85 while China Light & Power dropped 10 cents to HK$32.10. The property subindex rose 0.1%. Henderson Land Development gained 75 cents to HK$60.50. The commercial and industrial subindex lost 0.4%.
