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Hong Kong stocks consolidate after four-day rally

2008-04-25 21:28:13

 

    HONG KONG, April 25 (Xinhua) -- Hong Kong stocks consolidated on Friday after a 6.1-percent four-day rally, with the Hang Seng Index opening moderately higher but closing moderately lower at the end of a zigzag session.

    The blue-chip Hang Seng Index opened up 0.67 percent at 25,852.97 but moved downward soon afterwards. It rebounded to reach the positive ground once at mid-day break but failed to hold on, closing down 0.64 percent at 25,516.78.

    The Hang Seng Index has gained more than five percent over the week, with some analysts viewing Friday's decline as a pause after the four-day rally. Some said they expected more on the upside while others warned of potential risks.

    The key barometer of the market moved between 25,437.82 and 25,852.97 on a turnover of 93.65 billion HK dollars (12.01 billion U.S. dollars), which was down from Thursday's high 130.26 billion HK dollars (16.70 billion U.S. dollars) but still modestly higher then the recent trend volume.

    The blue chips closed mixed, with 11 gaining ground, 29 closing in red and the rest three unchanged. The finance sub-index turned out the only gainer among the four major categories, adding 22.51 points or 0.06 percent to close at 37,702.19.

    Banking giant HSBC, however, bucked the trend to close up 1.3 HK dollars, or 1.00 percent, at 132 HK dollars, giving the Hang Seng Index a support of 37.38 points.

    HSBC unit Hang Seng Bank lost 1 HK dollar, or 0.65 percent, at 153 HK dollars.

    ICBC, the largest commercial bank on the Chinese mainland by capitalization, was down 0.65 percent at 6.15 HK dollars, while its brother Bank of China extended its rally by adding 0.01 HK dollars, or 0.26 percent, to close at 3.87 HK dollars.

    China Construction Bank was down 1.03 percent at 6.76 HK dollars and mainland-based insurance player China Life was unchanged at 33.8 HK dollars.

    China Mobile, by far the largest mobile carrier on the mainland, was down 1.1 HK dollars, or 0.81 percent, at 134.9 HK dollars, and competitor China Unicom was down 0.78 HK dollars, or 4.54 percent, at 16.4 HK dollars.

    PetroChina erased a modest part of its previous gains, down 0. 18 HK dollars, or 1.52 percent, at 11.66 HK dollars. Sinopec lost 1.78 percent at 8.28 HK dollars.

    The utilities sub-index edged down 41.85 points, or 0.1 percent, at 43,187.97 and the properties category lost 0.97 percent to close at 31,961.54. The commerce and industry genre suffered the most, down 196.5 points, or 1.31 percent, at 14,768.62.

    Zijin Mining ended the day down 0.31 HK dollars at 7.61 HK dollars, failing to draw support from a debut spectacular surge of around 100 percent for its A shares.

    Cheung Kong, the properties conglomerate headed by billionaire Li Ka-shing, closed down 0.4 HK dollars at 121.2 HK dollars, while Hong Kong's residential house developer SHK Properties was down 1.5 HK dollar, or 1.1 percent, at 134.8 HK dollars.

    Local chip Cathay Pacific Airlines surged 0.76 HK dollars, or 4. 81 percent, at 16.56 HK dollars while mainland-based Air China trailed with a rise of 0.12 HK dollars, or 1.99 percent, at 6.16 HK dollars. (7.8 HK dollars = 1 U.S. dollar)



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