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Market Update : 
HK Stocks Close Up on Earnings
Author: 123jump.com Staff
123jump.com
Last Update: 8:57 AM EDT March 27 2008

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Hong Kong closed higher after it reversed earlier losses on better than expected earnings from several companies. Banks and property companies led the gainers. In Hong Kong trading Hang Seng Index regained from a 0.21% slump in the morning session to close up 0.21% or 47.21 to 22,664.22. In Shanghai trading, the CSI Index fell 4.23% or 165.45 to 3,748.92. Cheung Kong, Citic Bank, CNOOC and Hutchison beat market expectations.

 
Exporter Li & Fung increased 4.43% to HK$31.85, while realty stock Henderson Land grew 0.54% to HK$55.60 on better than forecasted earnings expectations.

CNOOC rose 1.46% to HK$11.12 after reporting today that annual profit increased 1.1% to Rmb31.26 billion, from an earlier estimate of Rmb31.8 billion.

However, airlines fell as crude oil prices topped $106 per barrel. Cathay Pacific declined 3.62%, China Eastern fell 4.44% and Air China shed 7.04 %.

Insurance companies China Life and Ping An declined 3.83% to HK$26.35 and 1.86% to HK$52.65 respectively.
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