Daily Market Summary

Hong Kong stocks advanced following the strong U.S. market. Yet, China reported worse-than-expected data, narrowing the gains in the HSI. The index closed at 22,352, up 90 pts, with market turnover of HK$50.72bn.

    It was said that PBOC asked banks to meet mortgage demand, leading gains in mainland developers. CHINA RES LAND (1109) and CHINA OVERSEAS LAND (688) rose 5.3% and 3.8%, the top two gainers in the HSI. COUNTRY GARDEN (2007) and KWG PPT (1813) jumped over 6%. Local developers gained. SINO LAND (83) rose 3.4% to HK$11.7. CHEUNG KONG (1) and SHK PPT (16) rose 1.5% and 0.4%. Mobile phone makers advanced. COOLPAD (2369) surged 10% to HK$3.3. TCL COMM (2618) and COMBA TELECOM (2342) soared 6.8% and 6.4%.