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Hong Kong stocks close 2.76% higher

(Xinhua)
Updated: 2009-04-29 16:38

Hong Kong stocks rose 401.84 points, or 2.76 percent to close at 14,956.95 on Wednesday.

Market turnover went downward to HK$50.70 billion ($7.42 billion) from Tuesday's HK$56.24 billion.

Related readings:  Chinese shares jump 2.78% after three days' loss  Hong Kong stocks close 1.92% lower  Chinese equities slip 0.16%, dragged by heavyweight losses   Hong Kong stocks close 2.74% lower

Investor concerns over swine flu took a back seat after the index fell 4.6 percent in the previous two sessions, as people now believe it is still too early to assess the risks of a pandemic, traders said.

Consumer trading firm Li and Fung surged 7.2 percent to HK$21.05 (about $2.72) after better-than-expected US consumer confidence data overnight.

Cathay Pacific rebounded after falling on concerns over the swine flu outbreak, leading Hong Kong shares higher Wednesday. It rose 5.6 percent to HK$8.81 after a two-day 8.8 percent drop due to swine flu fears.

Citigroup wrote that it is too early to conclude the strong recovery in China air travel will be disrupted by swine flu, given swift measures by global agencies.

Sinopec rose 3.6 percentto HK$5.80 after posting an 85 percent rise in first-quarter net profit.

It was also helped by news it expects its net profit for the first-half of 2009 to rise more than 50 percent from a year earlier due to lower oil costs.

Property companies outperformed the broader market, with the property sub-index rising 4.1 percent. Wharf jumped 7.1 percent to HK$24.30 and Sun Hung Kai Properties rose 3.7 percent to HK$76.95.