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Hong Kong stocks up 2.25% on Wednesday

(Xinhua)
Updated: 2009-02-04 18:26

Hong Kong stocks rose 287 points, or 2.25 percent, to close at 13,063.89 on Wednesday, on strong gains on Wall Street overnight and hopes of new stimulus measures in the Chinese mainland.

Turnover rose to HK$36.48 billion ($4.71 billion) from HK$35.26 billion on Tuesday.

Mainland-related stocks outperformed the broad market Wednesday, with the H-share index jumped 4.05 percent. Chinese financial companies and oil producers were among the biggest blue-chip gainers, tracking gains on the A-share market in Shanghai.

China Life Insurance jumped 4.6 percent to HK$21.80, China Construction Bank rose 4.5 percent to HK$3.94, Bank of China added 2.5 percent to HK$2.06 and Bank of Communications gained 1.8 percent to HK$5.04.

UOB KayHian's director Steven Leung described the gains in Hong Kong as speculative punts in individual stocks and sectors, but he said the overall market was "boring" with low turnover as buying interest remain muted.

He said many investors are staying on the sidelines "awaiting further developments on government policies and corporate earnings. "

Property developers faced further downward pressure amid continued concerns of weakening homebuying interest. Henderson Land fell 1.6 percent to HK$27.55, Sino Land lost 1.3 percent to HK$6.66, and Hang Lung Properties declined 1.0 percent to HK$16.16.

Analysts said concerns over earnings results when companies starting reporting them next month will remain an overhang for the market, and will likely cap further gains for the blue-chip index to below its 50-day moving average of 13,800.