HK Hot Stocks: Pacific Basin leads shipping plays up
HONG KONG, Feb 1 (Reuters) - Here are some stocks on the move in Hong Kong on Friday:
As of 0223 GMT, the blue-chip Hang Seng Index .HSI was up 1.8 percent, widening opening gains.
The index opened up 1.4 percent at 23,791.92.
STOCKS ON THE MOVE:
* Shipping plays advance further amid expectations the Baltic Dry Index .BADI, an indicator for commodity-freight rates, would reverse its recent downtrend, having fallen sharply off its all-time peak set last year.
Dry bulk shipper Pacific Basin (2343.HK) soared 10.8 percent to HK$12.14 in heavy trade. China COSCO (1919.HK) vaulted 7.7 percent to HK$19.02. China Shipping Development (1138.HK) leapt 7.2 percent to HK$21.25.
* Rate-sensitive Hong Kong property developers soft after local banks lowered their prime rate by 25 basis points, lower than the half-percentage point rate reduction by the Hong Kong Monetary Authority.
Hang Lung Properties Ltd (0101.HK) fell 2.8 percent to HK$29.5 and Sino Land (0083.HK) declined 1.5 percent to HK$23.15. Citigroup issued a research note on Friday saying Sino Land's rerating was overdone.
* Fashion retail chain Esprit Holdings Ltd (0330.HK) shot up a further 3.6 percent to HK$104.40 after its half-yearly results beat expectations this week.
* Computer maker Lenovo Group Ltd (0992.HK) shot up a further 6.2 percent to HK$5.7 after posting quarterly results that beat forecasts. Merrill Lynch on Thursday upgraded the stock to buy from neutral, saying the sale of its loss-making handset business was positive [ID:nHKG68204]. (Reporting by Rita Chang; Editing by Edmund Klamann)
