Stocks News
- HK shares surge towards 25,000 level
Date: 17-Sep-2007 Sources: (Xinhua Online)
HONG KONG, Sept. 14 (Xinhua) -- The benchmark Hang Seng Index was propelled to a third straight record close Friday, rising 22 percent, or 4,511 points, in the past month since it fell to 20, 387 on Aug. 17 over a global credit crunch sparked by U.S. subprime mortgage crisis.
The blue-chip Hang Seng Index rose 361.09 points or 1.47 percent to 24,898.11, after it once surged to 24,978.61.
Turnover for Friday's session was 101.46 billion HK dollars (13.04 billion U.S. dollars), down from 109.21 billion HK dollars (14.04 billion U.S. dollars) Thursday.
Expectations of a U.S. interest rate cut and of strong bids at a government land auction next week pushed property companies higher. Among the four major categories, the Property jumped most at 2.9 percent to 31,853.34, followed by the Commerce and Industry rising at 1.87 percent, the Finance at 0.94 percent and the Utilities at 0.04 percent.
Tycoon Li Ka-shing's property flagship Cheung Kong moved up 5.0percent at 127.80 HK dollars. Henderson Land rose 3 percent to 63.10 HK dollars and Sino Land gained 4.4 percent to 21.55 HK dollars. Kerry Properties rose 4.3 percent to 61.25 HK dollars after issuing strong first-half earnings figures during the mid-session break.
The Hang Seng China Enterprises Index rose 1.9 percent to 14, 707.90 on hopes QDII funds may flow to HK soon.
China Shenhua Energy jumped 5.2 percent to 40.55 HK dollars on the news the company's A-share issue plan will be reviewed on Monday.
On Chinese telecom stocks side, China Mobile was up 3.53 percent, breaking a new high, with China Unicom up 0.29 percent, Netcom up 1.44 percent and China Telecom up 2.52 percent.
The three insurers advanced on the hopes over rate hikes on the Chinese mainland. Ping An was up 5.34 percent, with China Life up 2.56 percent, and PICC P&C up 1.47 percent.
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