Hong Kong shares end near 15-month high

24 Oct, 2009

Hong Kong shares ended 1.71 percent up on Friday - a near-15-month high - after better-than-expected corporate results out of the United States. The benchmark Hang Seng Index finished 379.21 points up at 22,589.73. Turnover was 76.00 billion Hong Kong dollars (9.80 billion US).
The index registered its best finish since August 1 last year and is 3 percent up on the week. Taifook Securities said in a research note the market "surely needs some consolidation, and awaits more positive corporate earnings reports to support further valuation upgrades." Castor Pang, research director at Cinda International, said: "The market rally has already priced in the positive effect of good corporate earnings, so it'd be disastrous if the results come in worse than expected."
Among the Chinese firms to report earnings next week are China Life Insurance, Chalco, PetroChina, Sinopec and Bank of China. China Life Friday rose 5.7 percent to 37.75 Hong Kong dollars, Ping An Insurance closed up 5.5 percent at 72.10, and Bank of Communications surged 4.6 percent to 10.58.
Oil companies were pushed up as crude inched closer to a one-year high near 82 dollars. PetroChina rose 3.6 percent to 10.48 and Sinopec added 2.5 percent to 6.88. Property developers fell for a second successive day on profit-taking. Cheung Kong closed down 0.8 percent at 105.50 and Henderson Land fell 3.5 percent to 55.30.

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