Hong Kong's benchmark Hang Seng Index edged up 0.53 percent
Friday on its fourth straight day of gains, with Chinese mobile
operators leading the gains on a smaller-than-expected cut in local
roaming tariffs.
The blue-chip Hang Seng Index reversed its early loss and rose
126.75 points, or 0.53 percent, to 24,148.43 after trading
between23,446.37 and 24,208.51. Turnover totaled 82.97 billion HK
dollars (10.65 billion U.S. dollars), down from 94.31 billion HK
dollars ( US$12.1 billion) Thursday.
Two of the four major categories gained ground. The Properties
added 1.12 percent and the Commerce and Industry rose 1.01 percent.
The Utilities edged down 0.23 percent and the Finance edged down 0.
07 percent.
Chinese mobile operators rose on news the Chinese government cut
mobile local roaming tariffs by a smaller-than-expected magnitude.
China Mobile, Hong Kong's largest firm by capitalization, rose 0.4
percent to 120.50 HK dollars, while smaller rival China Unicom rose
2.8 percent to 19.44 HK dollars.
Bank of East Asia reported a 21 percent rise in 2007 net profit
to 4.14 billion HK dollars, in line with expectations, despite
losses related to its exposure to structured investment vehicles
and collateralized debt obligations. Bank of East Asia
dropped?three percent to 41.65 HK dollars as investors remain
concern about its exposure to SIVs and CDOs.
China Overseas Land rose 2.6 percent to 15.98 HK dollars.
Analysts said China property firms are also attractive at current
valuations, after the sector retreated 45 percent from its peak
levels last year on concerns about the impact of Chinese mainland's
tightening measures.
(Xinhua News Agency February 16, 2008)