Market Recovers After Dip
May 17, 2011
The blue-chip Hang Seng Index rose 119.77 to 11076.95. On Tuesday, the market fell 149.39 points, partly in reaction to news of the U.S. missile strike. Volume for the session dipped to 3.88 billion Hong Kong dollars from the preceding session's HK$4.16 billion. The broader All Ordinaries Index, meanwhile, jumped 52.32 to 5332.98. Among the key subindexes, the financials rose 149.45, or 1.4%, to 11161.16. Banking giant HSBC Holdings rebounded HK$2.50 to HK$132 while its unit Hang Seng Bank Ltd. ended unchanged at HK$78.50. Bank of East Asia Ltd. jumped 45 Hong Kong cents to HK$27.65. The utilities gained 76.94, or 0.8%, to 9491.60. HongKong Telecommunications Ltd. edged up 10 cents to HK$12.80 and China Light & Power rose 30 centsto HK$32.30. The property subindex jumped 185.34, or 0.9%, to 20659.73. Henderson Land Development surged 75 cents to HK$60.25 while Sun Hung Kai Properties Ltd. rose 25 cents to HK$74.75. Non blue-chip property investor Pearl Oriental Holdings Ltd. topped the most active list Wednesday. Its shares rose 2.5 cents to HK$2.80 on volume of HK$500.9 million. Executive Director Efren Wigfall told AP-China Davis that he was unaware of any reasons for the rise in activity. And the commercial and industrial subindex climbed 96.78, or 1.2%, to 8207.33. The Hang Seng China Enterprises Index, which tracks the Chinese Class H shares, ended at 790.54, up 15.15 points.
