Stocks News
- Hong Kong shares surged by 2.77 pct
Date: 24-Aug-2007 Sources: (People's Daily)
Hong Kong stocks surged Thursday, driven by gains in Hong Kong Exchanges and Clearing on China''s relaxation of controls on overseas equity investments and higher corporate earnings by heavyweights Hutchison and Cheung Kong.
The Hang Seng Index soared 620.09 points, or 2.77 percent, to 22,966.97, after trading between 22,771.85 and 23,063.93 during the session.
Turnover reached 114.53 billion Hong Kong dollars (14.68 billion U.S. dollars), up from 80.07 billion Hong Kong dollars (10. 27 billion U.S. dollars) Wednesday.
Analysts said some profit-taking is likely in coming days given the index''s 2579-point gain in the last four sessions.
Hong Kong Exchanges rose 3.5 percent to 132.90 Hong Kong dollars. In a report Thursday, JP Morgan cited the company as one of the biggest beneficiaries of the flow of Chinese capital into Hong Kong.
China''s foreign exchange regulator said Monday individuals in the Tianjin Binhai New Area can invest directly in overseas securities products as part of a trial to relax its tight capital controls.
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