New index gives lift to China counters
RED chips, China plays and H shares dominated sentiment yesterday as the Hang Seng China Enterprises Index came on line.
Mainland controlled oil explorer Paragon Holdings shot up 16.9 per cent to 36.6 cents, a gain of 5.3 cents, making it the best performer of the day.
Last year, China National Petroleum Corp acquired a majority stake with the aim of using the company as its platform for regional exploration.
Meanwhile, electroplating-machine maker Process Automation was the day's second best performer, gaining 8.4 per cent to close four cents higher at 51.5 cents.
Property developer Paladin gained 8.3 per cent to close five cents higher at 65 cents. The company is involved in a number of joint-venture property developments in China, including major commercial redevelopments in Harbin and Beijing.
Paladin is also involved in two dyeing and printing companies in Shanghai and Suzhou.
Shipping-container maker Singamas gained 6.3 per cent to close 15 cents higher at $2.53.
Singamas recently announced plans to raise additional funds to finance a new refrigerated container manufacturing plant in Shanghai.
Singamas is the largest container manufacturer in China, and has diversified to other high exporting nations such as Indonesia with a container manufacturing plant there.
Singamas also operates about eight container depots and repair facilities in China as well as one in Hong Kong.
Audio products maker Orient Power saw its shares gain six per cent to close three cents higher at 53 cents. The company has five factories in China.
Shougang Grand shares finally slipped back after a spectacular rumour-driven rally last week, dropping 21 cents to close at $2.73.
Shares in Shougang International also fell back, losing 17 cents to close at $2.71.
