Hong Kong rises for fourth day on city's upbeat property market
The Hong Kong market rose higher for a fourth consecutive day today after Goldman Sachs reaffirmed a positive look on the city's housing market.
The Hang Seng opened 81 points higher and finally closed 259 points or 1.2 percent up at 21,500. The Hang Seng China Enterprise Index, which tracks 43 mainland state-owned enterprises listed in Hong Kong rose 1.1 percent. The mainland markets open tomorrow following China's national day holiday.
Hong Kong real-estate developers led gains after Goldman Sachs analyst Anthony Wu said that "an accelerating influx" of mainland buyers would keep driving up house values. The Hang Seng Property Index rose 2.5 percent. Kong Holdings (HKG:0001), owned by tycoon Li Ka-shing, moved 3.2 percent higher. Sun Hung Kai Properties (HKG:0016) was up 2.9 percent. Henderson Land (HKG:0012) rose 2.9 percent. Sino Land (HKG:0083) ended 3.2 percent higher. Poly Development Holdings(HKG:1141) was up 11.5 percent.
Several blue-chips made very large gains. China Taiping Insurance Holdings Co (HKG:0966) surged 7.1 percent after announcing its proposal to acquire Ming An Holidngs (HKG:1389) has been approved by its shareholders and the court.
Aluminum Corp of China Ltd (HKG:2600, NYSE:ACH), China's aluminum producer, rose 4.3 percent.
HSBC Holdings Plc (HKG:0005), which accounts for the biggest weighting on the Hang Seng Index, increased 1.9 percent. The Hang Seng bank (HKG:0011) was up 1.2 percent. Internet and mobile services provider Tencent (HKG:0700) rose 3.1 percent.
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