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Market Wrap: Hong Kong ends third quarter higher; Sincere surges
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Hong Kong stocks ended the week and the quarter higher, on speculation that China planned more incentives to boost domestic consumption.
“Policies that are more favourable for the retail sector could be rolled out and the market also expects more reforms after the (Golden Week) holiday to help the A-share market,” said Hayman Chiu, a senior analyst with Cinda International Holdings.
China may resume its policy of subsidising the purchase of home appliances and vehicles in rural areas, China Securities Journal reported Friday, citing unnamed sources.
The benchmark Hang Seng Index gained 78.09 points, or 0.38 per cent, to finish at 20,840.38. The Hang Seng China Enterprises Index added 62.92 points, or 0.64 per cent, to end at 9,831.62.
The gauge has gained 7.2 per cent this quarter, compared with a 5.42 per cent loss in the second quarter and an 11.51 per cent increase in the first quarter.
Key market players remain cautious about the market's prospects.
“We're still pretty cautious. We don’t think the QE3 will have anything like the sorts of effects you have seen in the previous round of the QE or operation twist,” Citi Private Bank global chief investment officer Richard Cookson told a press conference in Hong Kong on Friday, referring to the third wave of so-called quantitative easing announced earlier this month.
The Sincere Company (0244.HK), a department store operator, surged as much as 50 per cent to finish at HK$0.63. The company has agreed to sell its entire stake in its Dalian subsidiary Dalian Sincere for 30.1 million yuan. Net proceeds of about HK$290.3 million will be used for general working capital.
Yuexiu Property Company (0123.HK) rose 2.07 per cent to HK$1.97. The Chinese developer said that on Wednesday a 95.48 per cent-owned subsidiary acquired land in the southern Chinese city of Guangzhou with a total permissible gross floor area of approximately 226,363 square metres for 1.25 billion yuan.
ZTE Corp. (0763.HK), the Chinese telecommunication equipment maker, rose 6.32 per cent to HK$12.44, its highest level in more than two months in Hong Kong, on speculation that rising Chinese demand for smart phones would boost its order book.