Hang Seng Index climbs 1.3%, strong start to year
Hong Kong stocks closed up 256.03 points, or 1.3 percent, at 19,942.95 on Thursday.
Turnover totaled HK$78.85 billion compared with Wednesday's HK$64.52 billion.
The Index has risen 8.2 percent over the first three weeks of the year, the strongest start since climbing 8.3 percent to open 1989.
The Hang Seng Index tumbled 20 percent last year amid concern Europe's debt crisis was worsening and China's steps to curb inflation would hamper economic growth.
Companies in the index traded at 9.9 times forecast earnings at the last close, down from 14.4 times at the beginning of 2011, according to data compiled by Bloomberg. The Standard & Poor's 500 Index traded at 12.3 times.
China Construction Bank added 2.5 percent to HK$6.08. Industrial & Commercial Bank of China Ltd., the world's biggest lender by market value, increased 1.9 percent to HK$5.43.
China Life Insurance Co., the nation's biggest insurer, climbed 2.8 percent to HK$21.70.
China Overseas Land & Investment Ltd., the largest mainland developer listed in Hong Kong, advanced 2.8 percent to HK$14.84.
Soho China Ltd., which builds homes in Beijing and Shanghai, gained 4.7 percent to HK$5.79.
MGM China Holdings Ltd., a unit of the biggest casino operator on the Las Vegas Strip, jumped 8.8 percent to HK$11.68.
Galaxy Entertainment Group Ltd., founded by billionaire Lui Che- Woo, climbed 5.5 percent to HK$16.76. Sands China Ltd., Asia's biggest gaming company by market value, rose 3.3 percent to HK$24.90.
Li & Fung rose 2.1 percent to HK$16.90. Yue Yuen Industrial Holdings Ltd., which makes shoes for Nike Inc., gained 5.1 percent to HK$24.90. Techtronic Industries Co., the manufacturer of Ryobi power tools that counts North America as its biggest market, added 1.7 percent to HK$8.90.
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2012-01-28
