H-Shares Swing to 2% Growth, Mainland Cos Lead
The Hang Seng Index rose 2.17% to close at 21,056.93 on March 1, in main board trading volume of HK$67.97 billion. The Hang Seng China Enterprises Index, tracking major mainland-based companies listed in Hong Kong, posted a gain of 3.2%.
Copper companies posted strong gains on Monday, following soaring international copper prices in reaction to an 8.8-magnitude earthquake in Chile, a major exporter of the metal, p5w.net reports. Shares of Xingye Copper International Group (0505.HK) soared 8.18% and Jiangxi Copper (0358.HK, OTC:JIXAY, 600362.SH) climbed 5.83%.
Mainland banks also ticked higher on Monday. Rumors circulated on Friday, February 26 that China issued more than RMB 700 billion in new loans in February, according to National Business Daily. Shares of China CITIC Bank (0998.HK, 601998.SH) expanded 6.94%, Industrial and Commercial Bank of China (1398.HK, 601398.SH) increased 5.1% and Bank of China (3988.HK, 601988.SH) rose 3.98%.
Hong Kong's own banking heavyweights HSBC Holdings (0005.HK, NYSE:HBC; LON:HSBA) and Hang Seng Bank (0011.HK, OTC:HSNGY) rose 0.93% and 1.23%, respectively, ahead of fiscal 2009 financial report releases. HSBC reported full year 2009 net profits of $5.83 billion, representing growth of 2% year-on-year, in an announcement after market close on March 1, while Hang Seng Bank booked earnings of HK$13.22 billion, down 6.2% year-on-year.
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