Hong Kong Stock Market Summary

The decline in the Hong Kong market narrowed down, after Chinese Premier Wen Jiabao pledged to focus more on bolstering growth. The HSI slid 29 pts yesterday, closing at 18,922. Yet, the index opened up 139 pts this morning with stimulations from the foreign market.

HKMA chief executive Norman Chan Tak-lam warned to take further anti-cyclical measures in response to the future property market trend. Yet, the performances of local developers were generally not affected. CHEUNG KONG (1) and HENDERSON LAND (12) rose 0.2% and 2% respectively. Also, China’s MoR was reported to have been granted a credit line of more than RMB2tn, signaling the resumption of transport projects. CSR (1766) and CHINA RAIL CONS (1186) soared 6.8% and 5.4% respectively.