STOCKWATCH: Hong Kong properties extend gains on insitutional buying

HONG KONG (AFX-ASIA) - Property stocks extended gains in afternoon trade on mounting institutional buying which was sparked by a technical rebound on Wall Street on Friday, dealers said.	    At 2:55 pm, the Hang Seng property sub-index was up 549.66 points at 17,176.44, while the Hang Seng Index was up 351.58 points at 12,934.94 on turnover of 6.08 bln hkd.	    Anthony Mak, sales director with Vickers Ballas, said there has been strong institutional buying to push the property sector higher.	    "The market as well as the property sector have been oversold. Bargain hunters are picking up cheap stocks. The buying has been ignited by the Wall Street rebound," Mak said.	    Mak said significant gains on the Tokyo market delivered an encouraging sign to investors here in Hong Kong at the moment.	    Wheelock rose 0.50 hkd or 7.24 pct to 7.40 hkd and New World Development gained 0.60 hkd or 6.18 pct to 10.30 hkd.	    Wharf added 1.20 hkd or 6.31 pct to 20.20 after its annual results.	    Cheung Kong gained 1.50 to 82.00, Sun Hung Kai Properties added 3.50 to 76.25 and Henderson Land gained 1.20 to 39.30.	    Mak said he expects gains in the property sector will continue for some time. He said that the stockmarket seems to have bottomed out having tested the 12,500 level and rebounded, and so too the property market, which has been moving in a similar pattern, has also bottomed out.           

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