R3 SCMP Mortgage war triggers rally in property stock

R3 SCMP Mortgage war triggers rally in property stock -...

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Unformatted text preview: Tuesday, February 21, 2006 South China Morning Post MARKETS REPORT Mortgage war triggers rally in property stocks CHARIS YAU-------------------------------------------------------------------------------- Hong Kong stocks posted their biggest gain of the month so far yesterday as the banks' mortgage war continued and oil and commodity prices rebounded. However, traders were still cautious on the outlook for the rest of the week because of the results season and Financial Secretary Henry Tang Ying-yen's budget speech tomorrow. The Hang Seng Index rose 122.98 points or 0.79 per cent to finish at 15,598.67, continuing its five-day winning streak while the H-share index jumped 146.39 points or 2.29 per cent to settle at 6,526.34. Shares worth $27.36 billion changed hands compared with $25.4 billion recorded on Friday. Property stocks shone as investors expect the lower mortgage rates offered by banks to send property prices up. The increase in sales of new flats was also read as a good indication of aproperty prices up....
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R3 SCMP Mortgage war triggers rally in property stock -...

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