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HK stocks close higher with mainland stocks markets rising

(Xinhua)
Updated: 2009-02-19 19:45

Gains in the Shanghai and Shenzhen markets lifted China-related stocks in Hong Kong Thursday, helping the benchmark Hang Seng index to end higher after spending most of the session in the red on concerns over the US government's stimulus plan.

Related readings:  HK stocks plunge 5.9% on failed US auto bailout  Hong Kong stocks close lower following US plunge  Stimulus package wins praise  HK shares set new record for a 2nd straight day

The Hang Seng Index rose 7.36 points, or 0.1 percent, to 13,023.36, recovering from a low of 12,788.08 hit in the morning trading session.

Turnover dropped to HK$35.48 billion ($4.58 billion) from HK$42.81 billion on Wednesday.

But analysts warned the worst isn't over for the local stock market, as uncertainties clouding the US economic outlook continue to discourage risk-averse investors from returning to accumulating stocks.

They said the index may in the coming months breach its five- year low of 10,676, which hit in October in 2008, before bottoming out, though they expect significant fluctuations near current levels for now.

China-related shares rose during Thursday's session, driven by a rebound in the Shanghai stock market, and helped to offset the blue-chip losses. The Shanghai Composite Index ended up 0.8 percent at 2,227.13, driven by bargain hunting on hopes the government would introduce more market-boosting measures to support the Chinese economy.

Among the Hong Kong-listed Chinese firms, Ping An Insurance rose 3.6 percent to HK$36.00, China Overseas Land added 3.8 percent to HK$10.52, and China Construction Bank rose 2.1 percent to HK$3.86.

Market heavyweight HSBC fell 1.1 percent to HK$56.10, as concerns over the US economy continue to cast doubts over the health of the bank's US operations. Analysts said the weak US economy will likely exert further pressure on the Hong Kong stock market in the next few months.