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HK stocks rise for fourth day in a row

(China Daily/Agencies)
Updated: 2009-10-09 08:15

Hong Kong stocks rose for a fourth day, led by developers, as Goldman Sachs Group Inc recommended investors buy Sino Land Co. Aluminum Corp of China Ltd climbed after Alcoa Inc reported better-than-estimated earnings.

Sino Land, this year's best performer in Hang Seng Property Index of six companies, advanced 3.2 percent.

"Developers should do okay as hot money comes in," said Pauline Dan, Hong Kong-based chief investment officer at Samsung Investment Trust Management, which oversees $100 billion in assets, including the city's real estate stocks.

The Hang Seng Index climbed 1.2 percent to close at 21,492.90, its longest winning streak since the four days ending Sept 8. The Hang Seng China Enterprises Index, which tracks the H shares of mainland companies, rose 1.1 percent to 12,455.84, its highest close since Sept 22.

The Hang Seng Index has rallied 89 percent from a four-month low on March 9. The average price of stocks in the gauge has risen to 17 times estimated earnings from 11 times at the start of the year.

A gauge of property stocks on the Hang Seng Index gained 2.5 percent, the most of four industry groups. Goldman Sachs upgraded Sino Land to "buy" from "neutral", citing an influx of mainland buyers into the city's property market, a research note said yesterday. Sino Land rose 3.2 percent to HK$15.

Related readings:  Hong Kong stocks close 2.52% lower  Hong Kong stocks close 0.49% lower  Hong Kong stocks down 1.08% on Monday  Hong Kong stocks close 0.44% higher

Chalco, China's largest aluminum producer, added 4.3 percent to HK$9.14. Alcoa, the largest US aluminum producer, reported third-quarter profit excluding certain items of four cents a share, exceeding analysts' average estimate for a nine cent loss, as metal prices rose and the company cut costs.

Ausnutria Dairy Corp, a food company, jumped 28 percent to HK$5.10. Jiangchen surged 110 percent to 63 Hong Kong cents, after gaining as much as 400 percent. Yingde Gases Group Co, China's largest independent onsite supplier of industrial gases, surged 12 percent to HK$7.84. China Vanadium Titano-Magnetite Mining Co added 5.1 percent to HK$3.68, erasing a drop of as much as 1.4 percent.

The four stocks joined Eternite International Co, which rallied as much as 412 percent on its debut on Wednesday, to advance on their first day of trading. Prior to that, five of the six newly listed stocks dropped on the first day and one was unchanged.

All but nine stocks on the 42-member Hang Seng Index advanced. October futures added 1.5 percent to 21,553.