(For Shanghai stock market reports, click [.SS])
(Adds Friday lunch close, details)
By Rita Chang
HONG KONG, Nov 30 (Reuters) - Property stocks helped Hong
Kong blue chips gain 0.6 percent on Friday after comments by the
Federal Reserve chairman cemented expectations that the U.S.
central bank was willing to cut interest rates again in December
[ID:nN29244815].
China plays rose 0.7 percent, as investors further bid up
shares of Ping An Insurance (Group) Co of China Ltd (2318.HK), a
day after China's second-largest life insurer said it bought a
4.2 percent stake in Dutch-Belgian financial services firm Fortis
(FOR.AS) for $2.7 billion.
The benchmark Hang Seng Index .HSI had risen to 28,659.41
by lunch on mainboard turnover of HK$60.6 billion (US$7.8
billion), compared with Thursday morning's HK$85.6 billion.
The China Enterprises Index of Hong Kong-listed mainland
companies .HSCE rose to 17,133.04.
"I'm surprised the market is so strong," said Jackson Wong,
investment manager at Tanrich Securities.
"One of my theories is that we're seeing some short-covering
... but speculators could sell their shares before the weekend
which could make the market flat by the close."
China COSCO (1919.HK), the morning's most active stock, slid
2.5 percent to HK$27.65, after Singapore state investor Temasek
sold shares in the shipping firm worth $274 million
[ID:nSIN9738].
Temasek Holdings sold 80 million China COSCO shares at
HK$26.75 each, a 5.6 percent discount to their Thursday closing
price.
Ping An Insurance (2318.HK) jumped 4.3 percent to HK$86.75 in
heavy trade, while rival China Life (2628.HK) climbed 1.3 percent
to HK$43.
In Washington on Thursday, Federal Reserve Chairman Ben
Bernanke said a resurgence in financial strains in recent weeks
had dimmed the outlook for the U.S. economy, signaling an
openness to lowering interest rates again.
As a result, rate-sensitive Hong Kong property shares
outperformed; the Hang Seng property sub-index .HSNP rose 2
percent.
Among Hong Kong property developers, Sino Land (0083.HK)
leapt 3.1 percent to HK$28.30, while Hang Lung Properties Ltd
(0101.HK) raced up 5.4 percent to HK$36.25.
New issues that recently flopped in their debut came to life.
Sinotruk (Hong Kong) Ltd (3808.HK), China's top heavy truck
maker that made its debut this week, jumped 8.7 percent to
HK$12.04, although it was still short of its HK$12.88 IPO price.
Dry-bulk shipping firm Sinotrans Shipping Ltd (0368.HK)
advanced 4 percent to HK$6.98.
(US$1=HK$7.8)
