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The benchmark Hang Seng Index (HSI) hit a six-year high yesterday as strong corporate earnings and an optimistic economic outlook drove stock traders towards big caps and Hong Kong-listed mainland firms.

 

The blue-chip index rose 1.02 percent or 176.96 points yesterday to end at 17,451.03 with a turnover of HK$28.54 billion (US$3.65 billion), compared to Tuesday's HK$21.2 billion (US$2.71 billion).

 

Robust corporate earnings and growing anticipation of the US breaking its two-year cycle of interest rate hikes triggered their desire to buy, analysts said, and they now expect Hong Kong shares to increase further in the coming months.

 

"It's earnings season and companies do earn a lot on the economic upswing," said Lai Wai-shing, an independent analyst.

 

Hong Kong Stock Exchanges and Clearing (HKEx), the day's second-most active stock, edged up 3.24 percent to HK$54.1 (US$6.9), after Asia's largest listed bourse posted a better-than-expected 94 percent surge in interim profits.

 

Other companies, including Wing Lung Bank, Liu Chong Hing Bank and Hutchison Telecom International Ltd, also posted strong growth yesterday.

 

"People were surrounded by a winning atmosphere and got excited," said Lai.

 

External factors also boded well.

 

Lower-than-expected US producer prices for July were announced yesterday morning, stoking anticipation that the US Federal Reserve could leave its interest rate unchanged at the next meeting in September, said Fu Hung-man, dealing director of Polaris Securities.

 

Hong Kong typically tracks US rate moves to maintain its currency peg to the greenback. Interest rate hikes in the world's largest economy always dent Hong Kong investors' enthusiasm to buy stocks.

 

The Chinese mainland doesn't seem eager to press ahead with tightening policies after July investment growth waned slightly.

 

That would save Hong Kong-listed mainland companies, a growing power on the Hong Kong bourse, from experiencing a sudden slowdown in growth.

 

Fuelled by the news, the Hang Seng China Enterprises Index, which tracks the performance of Hong Kong-listed mainland stocks, went up by 48.52 points yesterday to reach 7,063.12.

 

And there is room for further Hong Kong share rises, although some stocks were overbought and the market is expected to correct itself in the following days, analysts said.

 

A China Daily survey of five Hong Kong analysts on Monday showed the blue-chip index was likely to vault over 17,500 in the coming months.

 

(China Daily August 17, 2006)