HK Hot Stocks - CCB soars on hopes CIC may take stake
HONG KONG, May 7 (Reuters) - By 0253 GMT the benchmark Hang Seng Index .HSI was up 1.58 percent at 17,099.88.
The China Enterprises Index .HSCE of top mainland companies had risen 1.39 percent to 9,885.50.
Here are some of the stocks on the move in early trade-
* China Construction Bank (CCB) (0939.HK) soared as much as 7.4 percent to a seven-month high on hopes that China's main sovereign investment fund would take up a substantial portion of the sale of shares owned by Bank of America (BAC.N).
Shares of CCB had fallen in the previous two sessions on expectations of a selldown in CCB H-shares owned by Bank of America as the lock-in on the American lender's 13.5 billion shares expires on Thursday.
China Investment Corporation may be willing to buy some of the shares that Bank of America sells in CCB, according to analysts quoted in a report by Hong Kong-based newspaper Ta Kung Pao.
"Market sentiment has improved substantially since then and the news that some of China's national corporations will take up a major portion of the share placement will lighten pressure on the stock," said Andrew To, sales director, Tai Fook Securities.
(Reporting by Sui-Lee Wee; Editing by Chris Lewis)
