Hong Kong's benchmark Hang Seng Index soared 3.5 percent Tuesday following a major correction of 1, 091 points loss Monday, boosted by heavyweight China Mobile and other Chinese mainland-related shares.
The Hang Seng Index rose 1,003.23 points, or 3.5 percent, to close at 29,376.86, fluctuating between 28,718.55 and 29,418.99 during the session, with the total turnover of 135.70 billion HK dollars (US$17.53 billion), down from 162.62 billion HK dollars (US$21.00 billion) Monday.
All the four major categories gained ground. The Properties gained most at 3.96 percent, followed by the Commerce and Industry at 3.94 percent, the Finance at 3.34 percent and the Utilities at 0.58 percent.
China Mobile surged 5.3 percent to 149.70 HK dollars at a new closing record, after a slew of target-price upgrades following reported satisfactory results. The stock contributed a 230 point- rise to the Hang Seng Index.
Bank of Communications also jumped to a fresh record Tuesday, closing up 19.4 percent at 13.16 HK dollars, and contributed 164 points to the benchmark index's rise. Other Chinese mainland banks also gained following strong third-quarter results from China Merchants Bank and Shenzhen Development Bank. China Merchants Bank ended up 3.7 percent at 38.95 HK dollars. ICBC ended up 6 percent at 6.90 HK dollars. Bank of China rose 3.4 percent to 4.59 HK dollars. China Construction Bank added 3.4 percent to close at 7. 29 HK dollars.
PetroChina, whose A-shares are to go public on November 5, rose 3.51 percent. Sinopec Corp and CNOOC climbed 3.67 percent and 5.36 percent respectively.
Insurance stocks also advanced. China Life, PICC P&C and Ping An added 2.71 to 3.88 percent.
(Xinhua News Agency October 24, 2007)
