HONG KONG: Hong Kong stocks ended higher, extending a winning streak to four sessions, led by two of tycoon Li Ka shing’s major companies following reorganizing plans announced late last week.
The Hang Seng Index HSI rose 0.5per cent to 24,026.46, as Cheung Kong Holdings Limited, +14.74 per cent and Hutchison Whampoa Limited, +12.53 per cent both controlled by Li, and both constituents of the Hang Seng soared 14.7 per cent and 12.5 per cent, respectively.
Among other market movers, Hong Kong real estate developer Wheelock & Company Limited +7.34 per cent surged 7.3%. However, China Molybdenum Company, -0.20 per cent edged 0.2 per cent lower, with investors appearing to shrug off news that the metal producer forecast a 55 per cent jump in its profit for last year.
Li said that the property assets of the two companies will be put in a new company, to be called CK Property, while the rest of the two companies’ businesses will be listed as CKH Holdings.
The Shanghai Composite Index SHCOMP, -1.71 per cent fell 1.7 per cent to 3,229.32, over on the mainland. Elsewhere, Australia’s S&P/ASX 200 XJO, -0.78 per cent dropped 0.8 per cent 5,422.70, and South Korea’s Kospi Composite Index SEU, -0.19 per cent dipped 0.2 per cent to 1,920.95.
