Home Facts market

HK stocks close 0.16% higher, China consumption firms strong

HK stocks close 0.16% higher, China consumption firms strong

Write: Kelly [2011-05-30]
Hong Kong shares closed 0.16 percent higher on Friday, boosted by gains in China consumption stocks, but global economic uncertainties weighed on trading volume.
Hong Kong stocks gained 36.01 points, or 0.16 percent, to close at 23,199.39 on Friday. The benchmark Hang Seng Index traded between 23,147.42 and 23,242.63. Turnover totaled 57.75 billion HK dollars (about 7.43 billion U.S. dollars), down from 63.15 billion HK dollars on Thursday.
The Hang Seng China Enterprises Index rose 12.35 points, or 0.1 percent, to close at 12,947.94.
Two sub-indices all gained ground, with the Commerce and Industry sub-index rising 0.23 percent, and the Finance 0.22 percent. The Utilities lost 0.27 percent, while the Properties fell 0.21 percent.
China consumption stocks performed well, with conglomerate China Resources Enterprise rising 2.8 percent to 31.30 HK dollars and shoe retailer Belle rising 3.1 percent to 15.40 HK dollars as the recent results from the sector suggest China's consumption growth remains strong.
Clothing retailer Giordano ended up 6.4 percent at 5.85 HK dollars, supported by news Cheng Yu Tung, chairman of blue-chip developer New World Development, raised his stake in the company to 15.03 percent from 14.58 percent on Tuesday, according to a disclosure to the stock exchange. The company also announced its first-quarter operating data on Thursday after the market's close, with sales up 26 percent from a year earlier.
1 2
HK stocks close 0.16% higher, China consumption firms strong
HK stocks close 0.16% higher, China consumption firms strong HK stocks close 0.16% higher, China consumption firms strong Weekly review May 12 No winners in U.S. hi-tech export controls May 12 China should view livelihood issues from strategic perspective May 11 Syria will not be another Libya May 06 Beijing-Shanghai high-speed railway to launch 10-day trial run May 14 The week in pictures May 11 2000-year-old wine unearthed in Henan province May 11 Scientist: China plans to build lunar research base May 09 Apple employee, customer reach settlement after Beijing iPad brawl May 12 Wenchuan Reconstruction: 'Chinese miracle' impresses world May 12 No winners in U.S. hi-tech export controls