"Hong Kong shares end higher on the granting of aid to U.S. banks | AboutHK.Com - more information about HK"

Hong Kong shares rose 4.78 percent to a five-week closing high on Monday as some risk appetite returned after the U.S. government announced details of a plan to rid banks of toxic assets. Local sentiment also improved on the back of gains in the market, the real estate players and analysts said the market may rebound if the perception of the U.S. rescue plan for banks is still positive. "The appetite increases on equities because investors believe that the U.S. government is a positive step to rescue the financial markets," said Jasper Tsang, head of research at Capital Securities HK. The White House said it would be as much as 100 billion U.S. dollars into a bailout fund, and attractive financing for private investors to buy very illiquid assets from banks, what dealers to return to the stock market. "The U.S. government to buy banks' bad debts has improved the confidence of investors and the appetite for risk, and that could help the market to the 14,000 in the short term," said Tsang. The benchmark Hang Seng Index. HSI closed 613.9 points to 13,447.42. Revenue rose to 55.3 billion yuan from Friday to 43.9 billion. The day also marks the end of the post-market closing auction period. HSBC (0005.HK) weighed on the main index for most of the day as deeply discounted rights shares began trading, which is the volatility of the underlying shares. The stock fell to a low of HK $ 39.30 before closing slightly to 0.6 percent to HK $ 41.7. The China Enterprises Index. HSCE top mainland companies was up 6.2 percent to 7959.91 as bank stocks recovered from Friday the sell-off in front of the main result of this week. The index was also supported by the rise in the Shanghai Composite Index. SSEC for a sixth straight day, with trading partners, led by property and financial shares on tha signs China may pursue additional stimulus. China Construction Bank (0939.HK) after almost 7 percent to 4.44 HK $, while the country Top lender ICBC (1398.HK), advanced 6.3 percent. Bank of China (3988.HK), which is due to announced its earnings 2008 on Tuesday, rose 2.6 percent. Shares in property developer China Overseas Land, whose annual net income rose to more than HK $ 5 billion from a previous year's figure of HK $ 4.17 billion, closed 3.4 percent higher at HK $ 12.82. But another index heavyweight, China Mobile (0941), rose 4.9 percent, recovering from the two-day, 7.3 percent, followed foil, which is the result announcement on Thursday. Energy meters rose as oil rose to $ 53 per barrel in Asian trading. Petro China (0857.HK), Asia's largest oil and gas producer, jumped by 7.5 percent to HK $ 6.41, while offshore oil producer CNOOC (0883.HK) rose 6.8 percent. Other commodity stocks also mobilized, with China Shenhua (1088.HK), the world's most valuable coal miner, up 8.1 percent, while the Aluminum Corp of China (Chalco) (2600.HK) vaulted 16.3 percent. Europe-focused clothing retailer Esprit Holdings (0330) rose by 6.1 percent, based on the last week of the 18 percent rally in the possession of the strong euro against the dollar. Jiangxi Copper (0358.HK) jumped 11.6 percent, as Shanghai copper futures climbed more than 3 percent to its loftiest level in five months, spurred by China hopes to continue building. Comments Please login to post comments or replies.