HK stocks soar to fresh high
HONG KONG, Aug. 31 (Xinhua) -- Hong Kong stocks continued its bull run Friday as investors bought into major blue-chip shares like China Mobile, propelling the Hang Seng Index to its highest closing in history.
The benchmark Hang Seng Index surged 499.6 points or 2.13 percent to its best closing at 23,984.14, breaking the previous record of 23,582.66.
The index opened 0.43 percent slightly higher at 23,565.16 and widened its gains in the afternoon session. At one point the blue-chip index shot up for the first time above 24,000 level to all-time high 24,089 but narrowed its gains towards closing.
The China Enterprise Index, which tracks the performance of 41 Chinese mainland companies listed in Hong Kong, also surged 2.88 percent to its record closing at 14,338.84 after it tested an all-time high 14,181.45.
Turnover rose to 113.11 billion HK dollars (14.52 billion U.S. dollars) from Thursday's 95.87 billion HK dollars (12.3 billion U.S. dollars).
Investors rallied their confidence in the stock market ahead of the Federal Reserve's meeting on benchmark interest rate and the U.S. President Gorge W. Bush's scheduled statement on aids to the country's credit affected mortgage holders.
China Mobile, the country's biggest mobile phone operator and the market's top company measured by capitalization, remained the market's major driven force by roaring 3.82 percent to 106 HK dollars, propelling the index by 172.64 points alone.
China's Banking and finance shares were other major contributors to the index's gains. China Construction Bank, the country's third-largest bank, surged 4.15 percent to 6.53 HK dollars, adding another 35.25 points to the index's gains.
Industrial and Commercial Bank of China, the country's biggest lender, climbed 2.63 percent to 5.08 HK dollars.
Bank of China, the country's second largest lender, jumped 3.35 percent to 4.01 HK dollars.
China Life, the biggest insurer in China, advanced 1.89 percent to 37.65 HK dollars.
Hong Kong Exchange advanced 4.52 percent to all-time high 143.5 HK dollars.
HSBC, the market's second largest stock measured by capitalization, added 0.65 percent to 139.7 HK dollars.
Property sectors were also stronger. Cheung Kong, one of Hong Kong's largest house developers controlled by tycoon Li Ka-shing, rose 2.41 percent to 114.7 HK dollars. SHK Properties rose 3.59 percent to 104 HK dollars. Hutchison added 1.31 percent to 77.55 HK dollars.
Oil producers all rose. CNOOC, China's largest offshore oil producer, soared 3.36 percent to 9.53 HK dollars. PetroChina, or China's largest oil producer, went up 0.35 percent to 11.4 HK dollars. Sinopec, Asia's biggest oil refiner, moved up 0.47 percent to 8.5 HK dollars.
China Cosco, the country's largest shipping conglomerate, once jumped to all-time high 18.5 HK dollars before roaring 4.35 percent to close at 18.22 HK dollars.
Aluminum Corp of China or Chalco, the country's largest aluminum refiner, rocketed 10.39 percent to 21.35 HK dollars. Jiangxi Copper rebounded 5.38 percent to 18.02 HK dollars. Chalco and Jiangxi Copper were once considered much cheaper than their trading prices in the Shanghai Stock Exchange and investors were eager to buy in advance of the funds inflows from China's mainland.
China Netcom, one of the two fixed-line telephone operators in China, disappointed investors by falling 0.84 percent to 18.84 HK dollars. (7.8 HK dollars = 1 U.S. dollars)
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