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HK shares open up 0.5 pct as properties recover

Wed Jun 25, 2008 9:57pm EDT

Stocks

   

HONG KONG, June 26 (Reuters) - Hong Kong shares will open 0.5 percent higher on Thursday, boosted by a technical rally in local property counters after the U.S. Federal Reserve eased investor concerns about an aggressive interest rate hike.

China

Cheung Kong Holdings (0001.HK) jumped 1.3 percent and Sino Land (0083.HK) rallied 1.9 percent.

Local bourse operator Hong Kong Exchanges & Clearing (0388.HK) rose 2.5 percent after falling to its lowest level this year on Wednesday. Citigroup upgraded the stock to buy from sell on Thursday.

Asia's largest refiner Sinopec Corp (0386.HK) advanced 1.6 percent on retreating crude oil prices.

The Hang Seng Index .HSI opened 107.38 points higher at 22,742.54.

The China Enterprises Index .HSCE of top locally-listed mainland firms rose 0.5 percent. (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)

China


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