Comments
Hong Kong’s key share index edged up on Monday, lifted by the business restructuring plan announced late on Friday by Li Ka-shing, Asia’s richest man.
Li plans to split his conglomerate into his two largest listed companies, one focusing on property and the other on telecoms, retail and energy.
Shares of one of the companies, Cheung Kong (Holdings) jumped 15 per cent, while the other, Hutchison Whampoa, surged 13 per cent on Monday.
“Li’s reconstructuring boosted the share price of Hong Kong’s property sector today, and I expect (Cheung Kong’s) rise will last for a week,’’ said Andy Wong, senior investment analyst at Harris Fraser in Hong Kong.
The Hang Seng index rose 0.5 per cent to 24,026.46 points, while the China Enterprises Index lost 0.5 per cent to 12,016.66 points.
Among the most actively traded stocks on Hong Kong’s main board were Cypress Jade Agricultural Holdings Ltd, down 28.7 per cent at HK$0.08, Bank Of China, down 1.1 per cent at HK$4.39, and Unity Investment Holdings Ltd, up 2.0 per cent at HK$0.05.
Chinese investment flowing from Shanghai into Hong Kong through the mutual market access pilot programme took up 0.87 billion yuan ($140.28 million) of the 10.5 billion yuan daily quota.
Total trading volume of companies included in the HSI index was 1.4 billion shares. ($1 = 6.2020 Chinese yuan renminbi)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.