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Stocks gain as govt intervention cheers investors

(China Daily/Agencies)
Updated: 2008-09-23 10:23

Hong Kong shares added 1.6 percent yesterday after surging 9.6 percent in the previous session, as investors cheered government intervention in the US and Chinese markets, but stocks ended below the day's highs.

Energy shares outperformed with Asia's largest oil and gas producer PetroChina gaining 5.1 percent, and offshore oil producer CNOOC surged 6 percent after crude oil inched up after posting its biggest three-day rally in a decade last week.

Other commodity-linked stocks also enjoyed strong gains with China COSCO, the nation's largest shipping conglomerate, soaring 11.7 percent and China Shipping pole-vaulting 15.3 percent following a four-day rally on the global freight index.

"Sentiment has improved tremendously since last week and we already have some rumours swirling about another round of market boosting, policy easing measures from China fairly soon," said Peter Pak, vice-president with BOCI Research.

The benchmark Hang Seng Index closed up 304.5 points at 19632.2 in a volatile session which saw the index drop to 19137.7 soon after opening 2.8 percent higher.

The index posted its biggest one-day jump in nine months on Friday, soaring 9.6 percent.

US stock futures edged lower yesterday, suggesting stocks may cut some of Friday's massive gains as investors remain uncertain on the working of the proposed $700 billion bank bailout and its long-term implications.

"Even with the $700 billion bailout package, there are worries that the US government may not be able to prevent a likely recession in the economy," said Castor Pang, strategist with Sun Hung Kai Financial.

Mainboard turnover yesterday fell to HK$91.6 billion from HK$124.6 billion on Friday.

The China Enterprises Index of top locally listed mainland Chinese firms rose 2.5 percent.

Chinese financials extended Friday's sharp rally after the mainland government said it would rope in sovereign wealth funds to buy shares in listed companies.

Top lender ICBC gained 3.9 percent while smaller rival China Construction Bank climbed 0.6 percent.

China's largest insurer China Life advanced 4.5 percent tracking the 7.8 percent surge on the Shanghai bourse where it holds substantial investments. Ping An Insurance followed suit with a 6.2 percent jump.

China Citic Bank bucked the trend among mainland financial companies to drop 5.6 percent on last week's reports that its parent CITIC Group was in deal discussions with Morgan Stanley.