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276: Properties lift Hong Kong stocks to life high

Navigation trail: / latestnews / archive / 276 - published: 07-05-07

HONG KONG (Reuters) - Hong Kong stocks struck a record high on Monday as property stocks rallied further before a government land auction on Tuesday, while PetroChina Co. Ltd. (0857.HK: Quote, Profile , Research) led a jump in China shares.

"Property and Chinese concept stocks are helping the market big time," said Jackson Wong, investment manager at Tanrich Securities.

PetroChina Co. Ltd. (0857.HK: Quote, Profile , Research), the morning's most active share, rallied a further 4.7 percent to HK$10.64 following its announcement of a landmark oil discovery last week and after shareholders of Berkshire Hathaway Inc. (BRKa.N: Quote, Profile , Research) (BRKb.N: Quote, Profile , Research) defeated a proposal to divest a $3.3 billion stake in the oil producer.

"That's good news: Near-term, it says that no one wants to sell PetroChina," said Wong.

By lunch, the benchmark Hang Seng Index <.HSI> had risen 0.9 percent, or 195.89 points, to 21,036.97. It earlier crossed 21,000 points for the first time to hit a record high 21,070.21 points.

Turnover was heavy at HK$39.9 billion (US$5.1 billion), up from Friday morning's HK$35.0 billion.

Property stocks got a boost ahead of Tuesday's land auction for a west Kowloon site, which has opening bids starting at HK$2.6 billion. By some reports, the site could fetch as much as HK$5 billion.

Among blue-chip developers, Hang Lung Properties (0101.HK: Quote, Profile , Research) was a top gainer, rising 4.2 percent to HK$25, earlier tapping all-time highs. Henderson Land (0012.HK: Quote, Profile , Research) raced up a further 2.4 percent to HK$55.35 in heavy trade after leading the sector in a rally that began on Thursday following a broker upgrade.

The Hang Seng property sub-index <.HSNP> jumped nearly 2 percent.

Other active shares were two stocks widely tipped to enter the Hang Seng index after the results of a quarterly index review set to be announced following Friday's market close.

China Overseas Land and Investment Ltd. (0688.HK: Quote, Profile , Research) surged 7.1 percent to HK$11.14, earlier tapping all-time highs.

Life insurer Ping An Insurance (Group) Co. of China Ltd. (2318.HK: Quote, Profile , Research), the other contender to join the index, leapt 3.1 percent to HK$44.45 in heavy trade.

Hong Kong Exchanges and Clearing Ltd. (0388.HK: Quote, Profile , Research) also advanced in heavy trade, rising 3.3 percent to HK$79.45, tracking the market's bullish cycle.

Real estate developer Greentown China Holdings Ltd. (3900.HK: Quote, Profile , Research), the morning's second-most traded stock, slid 4.7 percent to HK$16.20 in resumed trading. It raised HK$2.31 billion (US$296 million) when it sold 141.2 million shares at the low end of a range, a source familiar with the deal said on Friday.

Greentown sold the shares at HK$16.35 apiece, a 4 percent discount to the stock's last closing price.

Source:

Reuters.co.uk

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