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HK stocks retreat from highs in late afternoon

HONG KONG: Stocks rose on a technical rebound but retreated from their highs in late afternoon as bargain hunting lost steam, brokers said.

The Hang Seng rose 30.81 points to 8,962.12 against morning high of 9,054.34. Turnover was HK$2.37 billion.

"More than half of the blue chips have been oversold but today's rebound seems still lacking of impetus," said Norman Ho at Dao Heng Securities.

Wharf Holdings eased 10 cents to HK$22.25, recovering from a round of selling, which took 20 cents off from the counter soon after the company announced its interim results.-Reuter