Hong Kong stocks close 1.41% higher

18:58, November 23, 2009      

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Hong Kong stocks jumped 315.55 points, or 1.41 percent, to close at 22,771.39 on Monday, the first gain in five trading days.

The benchmark Hang Seng Index opened 86 points higher and waved within a narrow range around 22,500. By midday, the index was 0.55percent higher than the previous closing. To the delight of investors, the index waded further into the positive ground in the afternoon and closed near the day high of 22,794.13.

Turnover continued to shrink, totaling 51.9 billion HK dollars (about 6.71 billion U.S. dollars) from 60.50 billion HK dollars of the previous trading day.

Among the 44 constituents of the Hang Seng index, gainers outnumbered losers 35 to 4 and the rest five stocks remained unchanged.

Financial stocks contributed the most to the index, with CCB, China's second-biggest lender, as the No. 1 contributor, which gained 4.08 percent to close at 7.4 HK dollars.

ICBC, the country's largest commercial bank, rose 3.26 percent to 6.97 HK dollars and topped the stock chart by turnover.

Leading insurers also staged robust performances. Ping An surged 4.49 percent to 73.35 HK dollars and its arch rival China Life was up 2.47 percent to 39.4 HK dollars.

Meanwhile, HSBC, which accounts for the largest weighing of the Hang Seng Index, went up 0.58 percent to 95.6 HK dollars.

The energy sector advanced considerably. Leading oil producer PetroChina closed up 0.6 percent to 10.02 HK dollars and Sinopec edged up 0.15 percent to 6.69 HK dollars despite the news that Goldman Sachs lowered target prices of the two stocks on anticipation of lower refining margin.

Coal producer China Shenhua rose 2.75 percent to 39.3 HK dollars, as coal consumption in the country goes further into the peak season.

The index could have seen bigger gains on the day if not for the lackluster performances by property stock Hang Lung, which fell 0.83 percent, and China ResPower, which moved down 0.88 percent as well as China Mobile and offshore oil producer CNOOC.

Source: Xinhua
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