STOCKWATCH: Luen Tai Group higher on trade debut

HONG KONG (AFX-ASIA) - Luen Tai Group shares were higher against their issue price on their first day of trading on the Stock Exchange of Hong Kong, dealers said. 	    At 10:56 am, Luen Tai Group was at 1.03 hkd, compared with its issue price of 1.00 hkd, on trade of 1.25 mln shares.	    The Hang Seng Index was up 456.88 points at 13,429.68.	    The increase was driven by upbeat overall sentiment after the surprise U.S. interest rate cut, they said, but added that the stock is unlikely to see active trade in the long term. 	    Kenny Tang, associate director of Tung Tai Securities, said the Luen Tai Group rose in line with the gains in the broader market, buoyed by the surprise U.S. interest rate move.	    "In general, its share price was moving in a narrow range this morning," he said.	    "Investors will unlikely be interested in the stock because of the lack of attraction from its business nature," he added.	    The Luen Tai Group is engaged in the manufacturing and distributing of PU fo am products in China.	    Tang said the company is unlikely to be an actively traded stock in the long term.	    Luen Tai offered 50 mln shares, raising net proceeds of around 35.50 mln hkd. 

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