Stocks in HK and Shanghai Rebound

123jump.com Staff
22 Apr, 2008
New York City

Hong Kong stock indexes advanced after a surge in afternoon trading on rising speculation that Beijing will take additional steps to protect oil companies from rising crude oil prices. In Shanghai trading CSI 300 Index rose 0.9% to 3,296.28 and in Hong Kong trading Hang Seng added the same to 24,939. PetroChina advanced 6.5% and Sinopec increased 5.1%.

[R]6:00AM New York, 6:00PM Hong Kong - Hong Kong exports rise to HK$2.6 trillion in 2007. Oil refiners rose on rising speculation of China subsidies.

Hong Kong stock indexes advanced after a surge in afternoon trading on rising speculation that Beijing will take additional steps to protect oil companies from rising crude oil prices.

Market sentiment

In Hong Kong trading Hang Seng Index reversed a 1% fall in the morning session to close up 0.88% or 217.48 at 24,939.15, and the China Enterprises Index of Hong Kong-listed mainland companies, or H shares, spiked 3.1% or 404.97 to 13,420.22.

In Shanghai trading CSI 300 Index rose 0.88% or 28.72 to 3,296.28.

Daily turnover on main-board was HK$87.74 billion from HK$81.29 billion yesterday.

Hong Kong total goods exports rise to HK$2.6 trillion in 2007

Xinhua News Agency reported today that according statistics from the April issue of the Hong Kong Monthly Digest total goods exports rose 84.6% from HK$1.45 trillion in 1997 to HK$2.68 trillion in 2007.

The publication, which is produced by the Census and Statistics Department, notes that Hong Kong’s goods imports has grown from HK$1.61 trillion to HK$2.87 trillion in the past decade.

During the period the Chinese mainland and Japan were the two main suppliers of Hong Kong''s imports, while the value of imports from the mainland grew from HK$608.4 billion to HK$1.33 trillion.

The monthly publication also reported that in 2007 imports from the Chinese mainland took up 46.4% of the value of Hong Kong''s imports, compared to 37.7% in 1997.

Imports from Japan rose from HK$221.6 billion to HK$287.3 billion, while imports from Japan declined to 10% of total imports, compared to 13.7% in 1997.

CSRC statistics show mutual fund operations have reached 2.5 trillion yuan and now account for 23% of the available float of stocks.

Gainers & Losers

Energy stocks rose driven by expectations that the China government will further unveil policies to curb losses for energy companies.

PetroChina advanced 6.5% and Sinopec increased 5.1%.

Commodities stock Yangzhou Coal gained 7.4% after reporting profits increased 36% in 2007 earnings amid rising coal prices.

Sinofert rose more than 6% after reports China lifted tariffs to above 100% on fertilizer exports to control rapidly rising domestic agricultural costs and inflation.

China Mobile dropped 2% after the company reported a 37% jump in earnings but missed forecasts.

HSBC fell 0.7% on resurgent fears on the state of the global economy after Bank of America reported earnings that disappointed the market.