950822

HK shares

finish modestly

higher

HONG KONG: Hong Kong stocks closed an anaemic session modestly higher, buoyed partly by talk of various covered warrant issues, players said.

The blue-chip Hang Seng Index put on 46.71 points to close at 8,947.19. Turnover was a scant HK$2.09 billion against Monday's adjusted HK$2.93 billion.

"The covered warrants talk helped the market a little, but volume is so thin that any movement on the index has no genuine significance to speak of," said Samuel Lau, research director at China Everbright Securities, who blamed the market lethargy on lack of fresh liquidity.

The broad All Ordinaries Index gained 19.15 to 4,390.62.

CITIC Pacific and Swire, the subjects of the warrants rumours, were up sharply. CITIC, which also reported a 20 percent surge in interim profits yesterday, jumped 65 cents to HK$20.85 and Swire leapt 75 cents to HK$57.25.

HSBC climbed HK$1 to HK$101.50 and Hong Kong Telecom gained 10 cents to HK$13.65.

Index futures finished roughly at par to the spot market, with both August and September contracts rising 20 to 8,950 on combined volume of 20,032 lots, according to preliminary figures. -Reuter