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Real estate stays a boosting character in Hong Kong market |
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Monday, 18 September 2006 |
HONG KONG Hong Kong shares were boosted by buying in property companies Monday amid hopes that the U.S. Federal Reserve may refrain from raising interest rates.
Hong Kong shares edged up as traders bought real-estate stocks after the U.S. released moderate inflation data Friday that suggested the Fed may leave interest rates untouched when it meets Wednesday.
The blue chip Hang Seng Index rose 149.56 points, or 0.87 percent, to 17,387.21.
Interest rate-sensitive property companies rose. Hang Lung Properties jumped 2 percent, Henderson Land advanced 2 percent and Sino Land shifted up 1.7 percent.
Airline Cathay Pacific rose 2.9 percent amid falling oil prices.
Chinese banks declined. Analysts said that overwhelming interest in China Merchants Bank's US$2.4 billion (€1.9 billion) initial public offering prompted investors to sell other listed banks.
China Construction Bank dipped 0.3 percent and Bank of China, which listed in Hong Kong in June, slipped 0.3 percent.
Taiwan's shares shifted to their highest level in more than three months after a peaceful ending to weekend rallies in Taipei opposing and supporting the president.
The Weighted Price Index of the Taiwan Stock Exchange rose 201.39 points, or 3 percent, to 6,882.48, its highest level since closing at 6,959.64 on June 2.
Edwina Baniqued
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