22 February 2012

The Hang Seng Index (HSI) advanced by 70.56 points or +0.329% closing at 21,549.280, driven by gains in mainland property developers on expectations that the government will ease restrictions on home purchases.  Market volume totaled HK$70.41 billion, up from HK$64.63 billion Tuesday.

Among the top volume traders of Hang Seng Index were LAI SUN DEV, GEELY AUTO, SUPERB SUMMIT, BANK OF CHINA and SILVER BASE; Among the Top gainers were ALIBABA, PNG RESOURCES, HONG LONG HLDGS, XIANGYU DREDG and ESUN HOLDINGS, while among the top losers were SILVER BASE, BUILDMORE INT\'L, BJ YUSHENG RTS and ASIAN CITRUS.

Mainland property developers led Wednesday\'s gains following a report that Shanghai would ease restrictions on second home purchases. China Overseas Land advanced 2.8% to HK$16.40, while China Resources Land ended up 2.9% at HK$15.14.

In the broader market, Alibaba.com ended up 42.7% at HK$13.20 after its parent company said it plans to take it private for US$2.5 billion.

In a report Wednesday, Nomura rated Alibaba.com "neutral," noting there are still some challenges facing the company including a slowdown in the U.S. and European economies. Alibaba.com connects buyers and suppliers online. "Alibaba\'s current outlook will remain challenging," it said.

China Telecom rose 2.6% to HK$4.72, after rallying 4.1% Tuesday on news it will launch the iPhone 4S in March.