Buffett is eyeing Chinese Banks?
Bank of Communications (3328), the fifth-largest lender by assets, climbed to HK$5.72 Tuesday, also a new high since its trading debut. The stock was up 2.19 percent or 12 HK cents, with 87 million shares traded. Turnover amounted to HK$487 million.
There was also heavy trading in China Construction Bank (0939) and China Merchants Bank shares, with transactions amounting to HK$3.6 billion and HK$2.39 billion. In terms of total turnover on the day, the two banks ranked one and two by value.
A rumor about a well-known US billionaire was a catalyst for heavy trades. "There was a rumor that Warren Buffett is eyeing China Merchants Bank and this boosted sentiment," a broker said.
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