HK stocks closed modestly higher on Wednesday morning session on short squeezing as the spot future contracts are expiring today. Although investors are awaiting the outcome of the FOMC meetings, trading remained robust.
The Hang Seng Index ended up 185 points to 24,825. The H-share index also jumped 42 points to 11,164. Half-day turnover rose to HK$49.9bn from HK$43n on Tuesday.
Property counters extended yesterday's rally despite the Urban Renewal Authority decided to withhold the decision to award the tender for the Kwun Tong Town Centre Project.
SHKP (00016) jumped 3% to HK$115.3. Sino Land (00083) put on 2.5% to HK$13.74. New World Dev (00017) soared 3.6% to HK$9.88. Henderson Land (00012) rose 2.5% to HK$49.2.
Cheung Kong (00001) added 2% to HK$150.1. Hutchison Whampoa (00013) edged up 0.5% to HK$107.2.
Oil counters were unfazed by the corruption probe of Zhou Yongkang, a powerful Politburo Standing Committee member who is affliated with oil giant CNPC. PetroChina (00857) gained 1% to HK$10.58. Kunlun Energy (00135) added 2.6% to HK$13.6.
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