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

HONG KONG, Sept. 13 Kyodo

Hong Kong's benchmark Hang Seng Index 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 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 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 Holdings falling 1.25% to HK$79.00, Hang Seng Bank 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
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