InfoAnda - HK stock index up 4.6 pct in first session of 2009

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: HK stock index up 4.6 pct in first session of 2009 AP - 1 hour 4 minutes ago HONG KONG - Hong Kong stocks jumped 4.6 percent in their first session of 2009, led by Chinese telecom companies after the central government approved licenses for next generation mobile phone services. The blue-chip Hang Seng Index rose 655.33 points to 15,042.81 on light volumes. A number of regional markets, including Japan, were closed for the holidays Friday, though most of those open finished higher. Despite the gains, many investors expect more turbulence as the global downturn's toll on company profits becomes even more apparent in the next six months. "There will be trading opportunities, but I don't think we've hit the bottom yet," said John Mar, co-head of sales trading at Daiwa Securities SMBC Co. in Hong Kong. Among the top gainers were Chinese telecom firms after Beijing said Wednesday it had OK'd licenses for third-generation mobile phone services _ a step that could lead to billions of dollars in equipment sales. China Mobile, the world's biggest phone carrier by subscribers, gained 4.8 percent to $81.2 Hong Kong dollars, China Unicom soared 8.8 percent to HK$10.12 and China Telecom advanced 6.2 percent to HK$3.07. After oil prices soared this week, investors snapped up energy firms. Chinese upstream producer CNOOC gained 4.8 percent to HK$7.59. ____ On the Net: Stock Exchange of Hong Kong: http://www.hkex.com.hk Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business S.Lanka central bank sees 2009 GDP growth at 6 pctReuters - 25 minutes ago Indian 10-year bond yield falls after rate cutsReuters - 26 minutes ago India cbank cuts key rates to stimulate economyReuters - 27 minutes ago India bought 21.15 bln rupees of bonds in wk to Dec 26Reuters - 28 minutes ago India cbank says no loans to federal govt in wk to Dec 26Reuters - 29 minutes ago Most Popular – Business Viewed Rare Bugatti untouched for 50 years could fetch millions: report NASA describes final moments of Columbia tragedy Hamas defiant as Israel rejects Gaza truce Actress Jennifer Aniston appears naked in GQ magazine Japanese tourist spends 3 months in Mexico City airport View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Friday, 2 January 2009
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