STOCKWATCH - Hong Kong's Cheung Kong extends gains after 2006 results.

(From AFX Europe (Focus))

HONG KONG (XFN-ASIA) - Cheung Kong (Holdings) Ltd was higher, extending yesterday's gains after announcing strong 2006 results, dealers said.

At 11.20 am, the stock was up 0.75 hkd or 0.77 pct at 97.60, while the Hang Seng Index was up 12.45 points or 0.06 pct at 19,702.70.

"The short- to medium-term outlook for Cheung Kong remains very bright and we are recommending a 'buy' on the stock," said Jeff Yau, an analyst at DBS Vickers Hong Kong.

"It has one of the biggest land banks in Hong Kong and it is benefiting from an improving housing market," he said.

He added that the group has …