Shares in the Hong Kong markets showed mixed results where
property sector surged by more than 1 percent.
Hong Kong
stocks swung between gains and losses as property companies led the
city’s benchmark index higher and utilities slid.
Shares of
Henderson Land Development Co. jumped 1.8 percent. HyComm Wireless
Ltd. doubled after China Qingdao International Holding Co. proposed
to purchase its text-messaging service.
After a report from
the government did not encourage private investment in the
power-distribution sector,China Resources Power Holdings Co. slipped
1.3 percent.
The Hang Seng Index climbed 0.2 percent to
23,274.38 as of 10:49 a.m. in Hong Kong after detailing as much as
0.4 percent.
The biggest drop since the period ended May 9
might be the next highlight as the gauge is citing 1.2 percent
decline this week. H-share index,also known as Hang Seng China
Enterprises Index, gained 0.2 percent to 10,384.62. Global shares
slid overnight amid concern about financial risks in Europe. The
gauge is trading at 10.8 times estimated earnings at the last close.
“Even though most markets are dealing carefully keeping a
check on the European situation. Optimism in investors is rising for
the ever-growing HK market,” vice-president of a reputed security
analytical firm in Hong Kong, said. “If the inflow of money into
Hong Kong follows the same trend, the Hang Seng Index (HSI) will be
crossing 24,000 level. Hong Kong stocks are extremely cheap, having
delayed the fall which hit other developed markets.”
The
Hang Seng Properties Index gained 0.5 percent today, two days in a
row today. Properties are recovering their steepest fall recorded on
July in two months.
A popular security management group
quoted, "Mass-residential property prices in Hong Kong are most
likely to surge 3 percent in 2014," changing from the previous
prediction of a 5 percent drop.
The Hang Seng Index
dropped 0.3 percent this year through yesterday, paring losses amid
signs the economy is stabilizing as China rolls out targeted stimulus
measures including reserve-ratio cuts.
In an action to
maintain the city’s 31-year-old currency peg, HK's de facto central
bank bought $1.33 billion this week. China Resources Land Ltd.
climbed 1.6 percent, easing profits among mainland homebuilders amid
signs of loosening property curbs.
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