Hong Kong stocks close 0.15% higher

13:18, February 02, 2011      

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Hong Kong stocks edged up 35.61 points, or 0.15 percent to close at 23,482.95 on Tuesday, boosted largely by oil shares.

Opened some 4 points above the previous closing level, the benchmark Hang Seng Index traded between 23,552.23 and 23,422.72, on a turnover of 55.1 billion HK dollars (about 7.07 billion U.S. dollars).

All the sub-indices except Properties landed in the positive territory, with the Utilities Sub-index achieving the biggest gain by rising 0.66 percent.

Heavyweight HSBC was up 0.65 percent to close at 85.3 HK dollars and China Mobile gained 0.78 percent to 77.2 HK dollars. The sole market operator HK Exchange slumped 0.67 percent to close at 177.6 HK dollars.

Prices of oil shares surged following the advances of crude prices over concerns of deteriorating situations in Egypt.

China's largest offshore energy producer CNOOC increased 2.67 percent to close at 17.66 HK dollars and the nation's top oil provider PetroChina went up 2.59 percent to close at 11.1 HK dollars. However, leading refiner Sinopec was unchanged at 8.59 HK dollars.

Hong Kong's local developers were mostly soft, with Cheung Kong down 0.93 percent to 127.4 HK dollars and SHK retreating 0.31 percent to 129.6 HK dollars. Henderson Land went down 0.09 percent to 54 HK dollars.

Mainland-based financial stocks were soft as investors expect even tighter monetary policy. The country's largest lender ICBC went down 0.17 percent to 5.79 HK dollars, and CCB declined 0.88 percent to 6.79 HK dollars. The two leading insurer China Life and Ping An went down 0.5 percent and 0.65 percent respectively.

Other stocks that registered big turnovers include China Gas and Hong Kong-based retailing supplier Li & Feng.

After over six weeks of suspension, China Gas plunged 14.75 percent as it resumed trading for the first day on Tuesday. The company's board confirmed Monday two of the company's senior officials were arrested for suspected offenses.

Meanwhile, Li & Feng went down 2.97 percent to 49.05 HK dollars.

Source: Xinhua
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