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Hong Kong shares set new record
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20:49, September 27, 2007

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Hong Kong shares on Thursday surged at record high at the opening and end up above 27,000, which set a new record.

The blue-chip Hang Seng Index rose 634.86 points, or 2.4 percent, to 27,065.15 after trading between 26,664.79 and 27,166. 01 during the session.

Turnover reached its highest-ever level of 147 billion Hong Kong dollars (18.96 billion U.S. dollars), up sharply from 129.18 billion Hong Kong dollars (16.66 billion U.S. dollars) Tuesday.

The stocks were fueled by futures-led demand and robust gains in Chinese telecommunications operators China Mobile and China Netcom.

Analysts said the bull market will likely continue on the flush liquidity expected to be channeled to the local equities market from various investment programs to be set up in the Chinese mainland in the near term.

Hong Kong markets were closed Wednesday for a public holiday.

The Hang Seng index has risen over 35 percent since the beginning of the year. Analysts said buying ahead of the expiry of the September futures contract Thursday drove most companies higher.

China telecommunications firms had the strongest gains in the market. China Mobile rose 6.52 percent to 129 Hong Kong dollars as fund managers snapped up the stock to take advantage of the market rally. China Mobile, which accounts for an 11.72 percent weighting in the index, contributed nearly 400 points to the rise in the benchmark index Thursday.

China Netcom, the smaller of the country's two fixed-line operators, rose 6.12 percent to 20.65 Hong Kong dollars on hopes that restructuring of the telecommunications industry in the Chinese mainland will give the company access to the mobile phone market.

HSBC, another heavyweight, rose 0.9 percent to 143.4 Hong Kong dollars on news it will set up an insurance joint venture in China with Chinese trust and investment company National Trust Ltd. The London-based lender's insurance unit has been expanding its reach in the region to reach a medium term goal for the insurance business to contribute a fifth of the group's revenue.

The finance sub-index surged 639.63 points or 1.59 percent to 40,839.28.

The properties sub-index surged 947.09 points or 2.98 percent at 32,687.97.

The commerce and industry sub-index went up 523.82 points or 3. 44 percent to 15,772.10.

The utilities sub-index went up 26.26 points or 0.07 percent at 36,683.89.

Source: Xinhua

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