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H.K. stocks rebound after losses in wake of U.S. attacks.



HONG KONG Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Sept. 13 Kyodo

Hong Kong's benchmark Hang Seng Index Hang Seng index

The major index in Hong Kong.


Hang Seng Index

A market-weighted index of 33 stocks making up approximately 70% of the market value of all stocks traded on the Stock Exchange of Hong Kong.
 rebounded 0.8%, or 75.59 points, to 9,569.21 Thursday after plunging heavily Wednesday in reaction to the terrorist attacks in the United States.

Turnover was just HK$6.53 billion (US$835.84 million), much lower than Wednesday's HK$12.17 billion.

Stock analysts said the rebound was technical following European market gains.

The Hong Kong blue-chip index dropped 923.74 points, or 8.87%, Wednesday in wake of Tuesday's attacks in the U.S. in which two aircraft slammed into the twin towers of the World Trade Center in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 and a third plane hit the Pentagon near Washington.

The stock market saw an intraday high at 9,700.80 Thursday, but the gains narrowed before the close.

''Investors were still cautious and worried about the performance of Wall Street upon its reopening. The selling pressure prevailed,'' said Ben Kwong, director of KGI KGI Keck Graduate Institute
KGI Key Goal Indicator
KGI Kitchen Gardeners International
KGI Key Geographic Ideas
KGI Küchengeräte International (Miele subdivision)
KGI Kernel Graphic Interface
 Asia Ltd. The U.S. markets have been closed since Tuesday's airborne strikes.

Gains in prices of telecommunications and property shares led the rebound in Hong Kong.

The property sub-index was up 1.58%, while utilities stocks and commercial and industrial shares rose 2.08% and 2.03%, respectively.

The financial sub-index, however, dived 1.28%.

Banking and U.S.-related stocks remained weak, with banking giant HSBC HSBC Hongkong and Shanghai Banking Corporation
HSBC Humane Society of Broward County (Florida)
HSBC Humane Society of Bay County (Bay County, Michigan) 
 Holdings falling 1.25% to HK$79.00, Hang Seng Bank Hang Seng Bank Limited (Traditional Chinese: 恒生銀行有限公司) HKSE: 0011 is the second largest bank in Hong Kong. It is a listed company but it is majority owned (62.  dipping 1.89% to HK$78.00, and trading company Li & Fung Ltd. dropping 2.52% to HK$7.75.

The territory's leading air carrier, Cathay Pacific Airways, rose 5.19% to HK$7.10 after Wednesday's plunge of 19.16%.

Looking ahead, investors will take a wait-and-see attitude and Hong Kong stocks could stay volatile, depending on developments in the U.S., analysts said.
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Publication:Asian Economic News
Date:Sep 17, 2001
Words:303
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