Chow Sang Sang Holdings International Ltd. (116), the biggest Hong Kong-listed jewelry maker and retailer, said sales rose more than 50 percent in the first six days of China’s Golden Week holiday, compared with the same period last year.
“We’ve attracted a lot of gold buyers this year due to the plunge in gold prices in late September,” Dennis Lau, the jeweler’s director of sales operations, said in an interview today. “A lot of people are taking advantage of this and coming to Hong Kong to shop.”
Gold for immediate delivery rose 0.46 percent to $1,659. The precious metal plunged 8.6 percent in the week to Sept. 23 on concern that the world economy may slip into a recession.
Chow Sang Sang rose as much as 13 percent to HK$18.94 before trading at HK$18.30 as of 3:45 p.m. in Hong Kong trading. The stock has lost 3.7 percent this year, compared with a 23 percent slide for the benchmark Hang Seng Index.
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