Hong Kong stocks end 1.63% higher, tracking U.S. gains

19:35, November 06, 2009      

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The benchmark Hang Seng Index of Hong Kong closed 1.63 percent higher at 21.829.72 on Friday, tracking overnight gains on the Wall Street following better-than-expected quarterly results announced by tech chip Cisco.

The Hang Seng Index gained 0.35 percent over the past week. Analysts said resistance was turning strong as the blue chip index moved near the 22,000 mark, adding that the index also managed to hold above the support level of 21,000 recently.

Turnover totaled 64.43 billion HK dollars (8.26 billion U.S. dollars), compared with Thursday's 60.77 billion HK dollars (7.79 billion U.S. dollars).

Forty-one of the 42 constituents of the Hang Seng Index turned out gainers. The finance sub-index, one of the four major stock categories, advanced 1.72 percent. The properties category added 1. 92 percent and the commerce and industry, 1.58 percent.

The utilities sub-index gained 0.37 percent.

Banking giant and market heavyweight HSBC rose 1.6 HK dollars, or 1.88 percent, at 86.85 HK dollars, alone contributing a rise of57 points to the Hang Seng Index.

China Mobile, the leading mobile carrier on the Chinese mainland and a market heavyweight, rose 0.75 HK dollars, or 1.03 percent, to close at 73.9 HK dollars. Smaller rival China Unicom surged 3.26 percent at 10.76 HK dollars.

The Industrial and Agricultural Bank of China, the largest commercial lender on the Chinese mainland, rose 1.73 percent. China Construction Bank and the Bank of China gained 1.04 percent and 1.55 percent, respectively.

China Life rose 2.04 percent and Ping An advanced 1.35 percent.

PetroChina, the business conglomerate of the oil industry, advanced 1.65 percent, and Sinopec, whose business scope covers mainly refining, advanced 1.34 percent. CNOOC, the offshore oil producer, surged 3.37 percent at 12.26 HK dollars.

Computer maker Lenovo, with improving results announced earlier, finished unchanged at 4.44 HK dollars after moving to as high as 4. 6 HK dollars during the day.

Cheung Kong, the flagship of Hong Kong's richest man Li Ka- shing, was up 1.67 percent at 97.35 HK dollars. Sun Hung Kai Properties, the leading residential housing developer in Hong Kong, gained 2.47 percent to close at 116.3 HK dollars.

HKEx, the sole exchange operator, closed up 1.67 percent at 140HK dollars. (7.8 HK dollars = 1 U.S. dollar)

Source: Xinhua
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