Properties regain ground on rate cut

Property stocks rose in a technical rebound after straight days of declines, thanks to the 50 basis-point interest rate cut by the Federal Reserve overnight. Major developer stocks turned around after hitting 52-week lows yesterday. At 10:58 a.m. local time, Sun Hung Kai Properties (0016) gained 1.5 percent to HK$50.75 on turnover of HK$61 million, while Cheung Kong (Holdings) Ltd. (0001) was up 0.9 percent at HK$56.50 on turnover of HK$50.5 million.

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