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Hong Kong stocks close 2.25% higher on Wall Street rally
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09:01, February 05, 2009

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Hong Kong stocks rose 287 points, or 2.25 percent, to close at 13,063.89 on Wednesday, on strong gains on Wall Street overnight and hopes of new stimulus measures in the Chinese mainland.

Turnover rose to 36.48 billion HK dollars (4.7 billion U.S. dollars) from 35.26 billion HK dollars (4.55 billion U.S. dollars) on Tuesday.

Mainland-related stocks outperformed the broad market Wednesday, with the H-share index jumped 4.05 percent. Chinese financial companies and oil producers were among the biggest blue-chip gainers, tracking gains on the A-share market in Shanghai.

China Life Insurance jumped 4.6 percent to 21.80 HK dollars, China Construction Bank rose 4.5 percent to 3.94 HK dollars, Bank of China added 2.5 percent to 2.06 HK dollars and Bank of Communications gained 1.8 percent to 5.04 HK dollars.

For oil firms, Sinopec surged 4.1 percent to 4.34 HK dollars, PetroChina rose 4.4 percent to 5.91 HK dollars, and offshore oil producer Cnooc gained 2.6 percent to 6.75 HK dollars.

The benchmark Shanghai Composite Index, which tracks both A and B shares, ended up 2.3 percent at 2107.75, its highest close since it settled at 2157.84 on Oct. 7 last year.

UOB KayHian's director Steven Leung described the gains in Hong Kong as speculative punts in individual stocks and sectors, but he said the overall market was "boring" with low turnover as buying interest remain muted.

He said many investors are staying on the sidelines "awaiting further developments on government policies and corporate earnings. "

Property developers faced further downward pressure amid continued concerns of weakening home buying interest. Henderson Land fell 1.6 percent to 27.55 HK dollars, Sino Land lost 1.3 percent to 6.66 HK dollars, and Hang Lung Properties declined 1.0 percent to 16.16 HK dollars.

Analysts said concerns over earnings results when companies starting reporting them next month will remain an overhang for the market, and will likely cap further gains for the blue-chip index to below its 50-day moving average of 13,800. (One U.S. dollar = 7. 7465 HK dollars)

Source: Xinhua

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