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Hong Kong stocks up 0.57% on Wednesday

(Xinhua)
Updated: 2009-04-15 16:32

Hopes of an economic rebound in China drove Hong Kong stocks slightly higher for the third straight session Wednesday.

The benchmark Hang Seng Index closed up 89.46 points, or 0.57 percent at 15,669.62 after trading between 15,213.39 and 15,669.85 during the session and spending most of the day in negative territory.

Turnover fell to HK$66.26 billion ($8.56 billion) from Tuesday's HK$75.42 billion.

Related readings:  Ministry: China FX reserves to keep stable growth  China's economy on track for recovery  WB: China's recovery could start this year  Hong Kong stocks close 0.46% lower

Wall Street shifted into reverse overnight after the US government reported a 1.1 slump in retail sales in March, an unexpectedly poor result that rattled hopes that the worst of the recession had passed.

But signs of recovery in China's economy drove Hong Kong stocks a positive session as China's Ministry of Commerce spokesman Yao Jian said Wednesday that actual foreign direct investment in China came to $8.4 billion in March.

Though the figure was down 9.5 percent from a year earlier, it was the highest monthly level since June last year.

China Mobile jumped 4.8 percent to HK$73.15, contributing 74.58 points of the HSI's rise.

Citic Pacific rose 3.2 percent to HK$12.78, extending its 28.7 percent gain over the last two sessions.

Sinopec rose 2.74 percent, or 0.16 percent to HK$5.99 and China Mining moved up 2.74 percent, or HK$0.16, to 5.99.

Bank of China dropped 1.02 percent, or 0.03 to HK$2.92 and ICBC lowered 0.89 percent, or 0.04, to HK$4.45.