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Hong Kong stocks close 0.08% higher
(Xinhua)
Updated: 2009-03-27 16:56 Hong Kong stocks Friday rallied by closing slightly higher, mainly due to support from local property firms.
Property companies supported the local benchmark, with the property sub-index rising 1.7 percent, outperforming the broader market. Sino Land rose 5.5 percent to HK$8.26 (about $1.07) and Hang Lung Properties gained 3.6 percent to HK$18.56 (about $2.39). However, Hong Kong tycoon Li Ka-shing's Cheung Kong fell 1.3 percent to HK$70.50 (about $9.11) after it reported a 44 percent decline in 2008 net profit to HK$15.52 billion (about $2.01 billion) on lower property revaluation gains and a lower contribution from its Hutchison Whampoa affiliate. According to traders, the city's market in the near term will possibly consolidate due to the weak global economy.
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