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HK Stocks Soar 3.64 Percent on HSBC Strength
Hong Kong stocks ended sharply higher Friday, mainly supported by the strengthening HSBC Holdings ahead of the four-day holiday.
At the day's close,the benchmark Hang Seng Index was up 349.91 points, or 3.64 percent, at 9,950.70, having moved between 9,663. 08 and 9,959.35. For this week, the index gained 11.4 percent.
Turnover was 7.724 billion HK dollars (990 million U.S. dollars), sharply up from Thursday's 5.918 billion HK dollars (759 million U.S. dollars).
The market will be closed on Monday and Tuesday for the mid- autumn festival and China National Day holidays.
HSBC Holdings, Europe's largest bank, jumped 6.9 percent to 81.75 HK dollars on the highest turnover of 1.5 billion HK dollars, representing a gain of 178.22 points in the HSI.
The stock rose in all five trading days this week, recovering 19 percent after falling sharply in the aftermath of the September 11 attacks.
Bank stocks were the biggest percentage gainers, rising 6.46 percent as a group.
China cellphone firms strengthened on their subscriber growth outlook and greater immunity to volatility in the U.S. markets.
China Mobile (Hong Kong) Ltd. added 4.2 percent to 24.80 HK dollars while Rival China Unicom Ltd. was up 2.4 percent at 8.40 HK dollars.
Property stocks rose as a group. Sun Hung Kai Properties, the city's second largest developer by market value, gained 3.8 percent to 49.70 HK dollars after jumping 7.4 percent Thursday ahead of its full-year earnings report. Bigger rival Cheung Kong (Holdings) Ltd. rose 3.8 percent to 60.75 HK dollars after advancing 4.9 percent Thursday.
China stocks rose though they slightly underperformed the broader market. Red chips added 3.01 percent as a group while H shares rose 1.15 percent.
The Growth Enterprise Market Index�� which tracks the performance of the technology-laden second board�� added 1.76 points�� or 1.06 percent�� to 167.75.
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