WTO entry ignored while property shares rally after strong home sales
Hong Kong stocks were mouse-like yesterday despite China's admission to the World Trade Organisation at the weekend.
The Hang Seng Index ended down 0.15 per cent at 10,592.45 points with turnover hitting a four-week low of HK$5.31 billion.
'It was more or less expected as the news about the WTO has already been discounted so, in the absence of fresh incentives, investors aren't willing to chase stocks,' KGI Asia director Ben Kwong Man-bun said.
Property stocks were the main outperformers after a weekend of strong home sales. Sales volumes - if not values - have been picking up in recent weeks and the past weekend was no exception.
On Sunday, more than 300 units of Park Central - a development led by Sun Hung Kai Properties - were shifted, according to a spokesman.
The market rewarded Sun Hung Kai with a 2.29 per cent jump to $55.75 while project partner Henderson Land ended 3.97 per cent stronger at $28.80.