Hot stock: Hongkong Land rises 12.3% after unveiling new business strategy

SHARES of Hongkong Land gained some ground on Wednesday (Oct 30) morning, following news that it will exit the build-to-sell residential development business.

The counter rose 12.3 per cent or US$0.48 to US$4.37 as at 9.38 am, after 6.3 million securities changed hands. The last time the counter traded at such levels was in June last year.

By 9.44 am, Hongkong Land was one of the most actively traded counters in terms of both volume and value. It was trading up 12.1 per cent or US$0.47 at US$4.36, with 6.6 million securities worth US$27.9 million being transacted. No married deals were recorded in early trade, ShareInvestor data indicated.