Friday May 16, 09:37 AM
Hong Kong shares close higher led by large caps
HONG KONG (Thomson Financial) - Hong Kong shares closed higher Friday led by large caps like Cheung Kong (Holdings) Ltd (0001.HK - news)
. and PetroChina Co Ltd (0857.HK - news) . on hopes of upbeat earnings despite the global economic uncertainty.
Cheung Kong gained after Citigroup (NYSE: C - news) raised its target price for the stock and as it remained on the 'buy' list of several brokers, while PetroChina advanced on reports the Chinese government plans to relax rules on the collection of windfall taxes.
'Selective buying of stocks with strong fundamentals is supporting the market,' said Castor Pang, investment strategist at Sun Hung Kai Financial.
The Hang Seng index closed up 105.51 points or 0.4 percent at 25,618.86.
But caution ahead of the release of key U.S. economic data capped gains. Data due out next week include U.S. producer prices for April and the National Association of Realtors' existing home sales.
'The market is unable to shake off worries about the U.S. economy and the uncertainties in the financial markets. This is the reason resistance is strong around the current level,' said Pang.
The Hang Seng Index will continue to trade within a narrow range between 25,000 and 25,800, he said.
($1 = HK$7.8)
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