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HK stocks gain slightly, end year down 48 percent

HK stocks gain slightly, end year down 48 percent

Hong Kong's stock market was modestly higher Wednesday, but still wrapped up 2008 with its second-steepest annual loss.
The benchmark Hang Seeing Index rose 152 points, or 1.1 percent, to end at 14,387.48 _ more 48 than percent lower than where it started 2008.
That marked its second-biggest drop to date and worst since oil shocks roiled global markets in 1974.
Investors steeled themselves for another rough ride in 2009.
"I think everyone is expecting there to be an awful lot of uncertainty, very high levels of volatility," said Miles Remington, head of Asian sales trading at BNP Paribas Securities.
Among major movers, Hong Kong phone company PCCW soared more than 7 percent to $3.7 Hong Kong dollars.
The rise came after state-owned China Netcom and the son of one of Asia's richest tycoons have sweetened an offer to buy out minority shareholders in the territory's leading fixed-line firm.
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On the Net:
http://www.hkex.com.hk


Updated : 2021-05-12 20:46 GMT+08:00