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HK stock index advances 1 percent

HK stock index advances 1 percent

Hong Kong's key stock index rose 1 percent in feather-light trade Monday to snap a four-day losing streak.
The blue chip Hang Seng Index rose 144.34 points to 14,328.48 as the holidays and a generally cautious mood translated into the lowest daily turnover since August 2006.
Market turnover, a measure of the total value of shares traded, was about HK$22 billion ($2.8 billion) Monday compared with a daily average of nearly HK$75 billion through November this year, according to the Hong Kong stock exchange.
After four days of declines leading up to Christmas, the market was due to recover some, said Linus Yip, a strategist at First Shanghai Securities.
"Before the holidays, many people were trying to cash in and liquidate their positions, so I think this is mostly a technical rebound," Yip said.
Commodities firms helped lead the market higher on the back of rising prices for raw materials like crude oil and metals.
Chinese upstream producer CNOOC rose 3.9 percent to 6.9 Hong Kong dollars, and gold producer Zijin Mining surged 8.4 percent to HK$4.54.
Troubled conglomerate CITIC Pacific vaulted 7.4 percent to HK$8.27 amid reports that China-based CITIC group had become a majority owner as part of a bailout plan.
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On the Net:
http://www.hkex.com.hk


Updated : 2021-05-18 10:51 GMT+08:00