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HK Stocks Hits Record in MorningHong Kong's Hang Seng Index surged over two percent soon after the open on Monday as investors piled into banks and telecoms-related blue chips.The benchmark index rose 2.07 percent or 369 points to 18,153, led by HSBC Holdings Plc, Cable & Wireless HKT and China Telecom (Hong Kong) Ltd The Hang Seng Finance Index surged 3.66 percent."The focus has changed into banks as the Dow rallied very strongly last week and people have fallen into traditional shares which have underperformed for a long time," said Alex Wong, research manager at OSK Asia Securities. Fund managers were also positioning themselves ahead of the quarter's end, said Wong. HSBC, Hong Kong's largest bank, which has slumped 15 percent over the last three months, surged 3.26 percent or HK$3.00 to HK$95.00, accounting for almost a third of the Hang Seng's rise. Dao Heng Bank Group Ltd soared 6.13 percent or HK$1.90 to HK$33.00. On Friday Dao Heng Bank posted a net profit for the first half of the 1999/2000 business year that was 57 percent up from a year earlier, as charges for bad and doubtful loans fell. The banking group said it expected its growth in the seond half of the year to be better than in the first half. Blue chip telecom carrier Cable & Wireless HKT surged ahead in the morning, as investors bought the counter ahead of its board meeting on Tuesday to review the US$35.9 billion bid made by Pacific Century CyberWorks Ltd (PCCW). PCCW surged 3.5 percent or HK$0.70 to HK$20.85, after falling from a high of HK$28.50 reached on February 15. "PCCW has been oversold earlier and is just now picking up, with the Nasdaq strength supporting it," said Wong. "People are still optimistic about the deal going through." C&W HKT leapt 3.5 percent or HK$0.75 to HK$22.40. After falling following the open, China Telecom joined the telecoms rally, jumping 1.4 percent or HK$1.00 to HK$74.00. Shortly before 1100 local time (0300 GMT) the Hang Seng hit a record high of 18,250.62, passing the 18,249.86 reached on March 9.
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