Dec. 21 （Bloomberg） -- Hong Kong's benchmark stock index rebounded from a two-month low after China Shenhua Energy Co. said it will buy assets from its parent, and as commodity producers climbed along with metal prices.
Shenhua, a unit of China's No. 1 coal producer, gained 3.7 percent after saying the acquisitions will boost its recoverable coal reserves by 21 percent. Aluminum Corp. of China Ltd., a unit of the nation's largest maker of the lightweight metal, rose 1.2 percent after the China Daily said the company's parent forecast a profit for the unit this year. China Resources Land Ltd., a state-controlled developer, gained 3 percent after a survey showed higher property sales in most Chinese cities.
"China is taking an incredible amount of momentum into 2011," Patrick Bennett, a Hong Kong-based strategist at Standard Bank Group Ltd., told Bloomberg Television. "Asia in general needs more infrastructure to be built over the next 5, 10, 15 years. That's going to continue to provide a huge demand for industrial commodities."
The Hang Seng Index advanced 1.6 percent to close at 22,993.86, having closed yesterday at its lowest level since Oct. 4. The Hang Seng China Enterprises Index of so-called H shares of Chinese companies gained 1.6 percent to 12,607.43.
--Editors: Nicolas Johnson,
豫公网安备41010502003434号