Alexa
  • Directory of Taiwan

Hong Kong shares jump 2 percent, lifted by gains on Wall Street

Hong Kong shares jump 2 percent, lifted by gains on Wall Street

Hong Kong shares jumped 2 percent Thursday, lifted by gains on Wall Street and optimism over a possible U.S. interest rate cut.
But traders said the outlook of Hang Seng Index in the near term remains uncertain, as the index has been heavily overbought. They said profit-taking may emerge any time.
The blue-chip Hang Seng Index rose 463.94 points, or 2.02 percent, to 23,484.54.
"Local market will be very volatile in the short-term. It is likely to be range-bound between 23,700 and 23,000, mainly depends on U.S. interest rate direction and capital inflow from China retail investors," Castor Pang, a strategist at Sun Hung Kai Research Ltd., said.
On Wednesday, the Dow Jones industrial average rose 1.9 percent as investors became more optimistic about the chance of an interest rate cut in U.S.
Y.K. Chan, strategist at Phillip Capital Management (HK) Ltd. said the opening of mainland China retail investors to buy Hong Kong stocks will continue to fuel buying interest in China-related companies.
China Mobile, the biggest blue chip by market capitalization, rose 2.9 percent to HK$102.10, boosted by the expectation of capital inflow from China investors.
Global clothing retailer Esprit was the best-performing blue chip. It soared 6.7 percent to HK$111.70, its record close, after posting a 39 percent gain in fiscal 2007 net profit.
China's offshore oil producer CNOOC rose 4 percent at HK$9.22 after it posted a better-than-expected first-half result.
____________________
On the Net:
Hong Kong stock exchange official Web site:
http://www.hkex.com.hk


Updated : 2021-09-20 06:50 GMT+08:00