Sunday, January 23, 2011

Hang Seng at Highest Level Since 2008

By Susanna Tai

Hong Kong’s Hang Seng Index rose 2% to 24,132.38 at mid-day, off its early high of 24,138.04, marking the exchange’s highest point since June 6, 2008.

The rise was supported by fund flows on expectations that the U.S. Federal Reserve will announce details of a potential second round of quantitative easing later in the global day, says UOB KayHian sales director Steven Leung, putting the index’s year-end target at 26,500.

“Continued fund flows are expected to support buying interest in the local equity markets as the U.S. dollar will likely remain weak in the medium term.”

Volume was hefty, at 64.29 billion Hong Kong dollars.

Oil stocks were higher after price strength overnight on U.S. dollar weakness, with Cnooc up 1.5% at HK$17.14 and PetroChina up 3.3% at HK$9.89.

Hong Kong property stocks also rose ahead of a land auction later in the afternoon, with Cheung Kong up 3.1% at HK$126.70 and Sino Land up 2.7% at HK$16.94.

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