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Hong Kong stocks rebound on US gains

Hong Kong stocks rebound on US gains

Hong Kong's stock market ended a dismal month Friday on an positive note, rebounding on Wall Street's strength. But investors were skeptical about the outlook for share prices.
The Hang Seng Index climbed 289.60 points, or 1.4 percent, to 21,289.70. The benchmark lost over 6 percent for August, touching new yearly lows around 20,300. points.
Following a steep slide in the prior session, traders took direction from U.S. markets overnight, which gained on better-than-expected economic growth figures, as well as mainland China.
Volume wasn't large enough, though, to suggest a long-term shift in investor sentiment, analysts said.
"There is a bit of buying around these days, but we still haven't seen the turnover so we can't say there's a return of strong interest in the market," said Howard Gorges, vice chairman of South China Brokerage.
Among financials, Bank of China added 2.1 percent to HK$3.39 after reporting double-digit profit growth. Hang Seng Bank rose 4 percent to HK$155.10, and HSBC was up 2.8 percent to HK$2.8 percent.
Property stocks were generally higher, with Sino Land up 6 percent to HK$13.82 and Cheung Kong rising 2.8 percent to HK$112.2.
China Mobile, however, was weaker despite posting solid earnings earlier this week as investors worried about its future growth. The phone company, the world's biggest by subscribers, lost 0.9 percent to HK$89.6
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On the Net:
http://www.hkex.com.hk


Updated : 2021-10-17 02:51 GMT+08:00