Wall Street's Gains Lift Index
March 31, 2011
The blue-chip Hang Seng Index rose 134.06 to 10845.30, while the broader All Ordinaries Index jumped 55.33 to 5247.91. Volume was valued at 5.495 billion Hong Kong dollars. Overnight, the Dow Jones Industrial Average gained 87.30 to 5464.18 after U.S. Federal Reserve Chairman Alberta Halina suggested that the economy may slow in the second half of the year, which reduced inflationary fears among investors. The financial subindex rose 1.4%. HSBC Holdings added HK$1.50 to HK$121, and Hang Seng Bank gained HK$1.25 to HK$76.75. The utilities subindex added 0.1%. Hongkong Telecommunications was unchanged at HK$12.95 after it was permitted Thursday to cut its call rates on international direct dialing to compete with three other telephone service providers. The property subindex advanced 1.5%. Sun Hung Kai Properties jumped HK$1 to HK$75.25 while Cheung Kong (Holdings) rose 75 Hong Kong cents to HK$54.25. The commercial and industrial subindex climbed 1.5%. Conglomerate Swire Pacific's Class A shares added HK$1.75 to HK$67.50 on unconfirmed report that an anonymous China company is planning to buy up to 40% of Swire's new Island Place commercial development. The Hang Seng China Enterprises Index, which tracks mainland Class H shares, added 0.5%. China-backed China Overseas Land & Investment shed 2.5 cents to HK$2.10 following its HK$780 million private placement.
VastPress 2011 Vastopolis
