Hong Kong Stock Market Closed All Time High

Hang Hong stocks pared their early losses to close at new high for the third straight day, propelled by the price upsurge of blue-chip Hong Kong Exchange and Clearing.

The benchmark Hang Seng Index opened slightly lower at 25,659. 96 and the momentum remained weak afterwards to fall 63.18 points, or 0.25 percent, to close the morning session at 25,637.95.

But abundant liquidity looking for higher-yielding companies pumped up the Hang Seng Index with a strong comeback shortly after trading was resumed in the afternoon. The blue-chip index rose 142. 65 points, or 0.65 percent, to 25,843.78, after trading between intra-day low 25,554.54 and all-time high 25,893.20 during the session.

Turnover rose to 132.28 billion HK dollars (17.01 billion U.S. dollars) from Thursday's 118.91 billion HK dollars (15.29 billion U.S. dollars)

Friday's advance wrapped up a shining week for Hong Kong's stock market, which advanced 945 points, or 3.8 percent, during the week.

Hong Kong Exchanges and Clearing, the operator of the city's stock and futures exchanges, led the biggest gainers among blue chips. The stock rocketed 12 percent to close at a record 219.20 HK dollars after hitting a record intraday high of 220.60 HK dollars.

The stock's gain pushed up the Hang Seng Index alone by 128.61 points and analysts said the stock will continue to benefit from rising trading volume on the exchanges.

China Mobile, the market's largest stock measured by capitalization, receded 1 percent to 111.6 HK dollars.

HSBC, the market's second largest stock and the city's biggest bank, edged up slightly to 141.6 HK dollars.

Airline industry laggard Cathay Pacific soared 11 percent to 22. 7 HK dollars.

China stocks fared better, with H-share index closing up 141 points at 15,693.

China Eastern Airlines soared 13 percent to 9.72 HK dollars after Thursday's 23 percent surge. China Southern Airlines also jumped 8 percent to 13.9 HK dollars.

Resources sectors continued to outperform on expectation that easing interest rate will fuel global inflation. Zhaojin Mining gained 6 percent to 29.95 HK dollars. Zijing soared 11 percent to12.7 HK dollars. Lingbao also surged 15 percent to 7.25 HK dollars.

PetroChina, the country's largest oil producer, rose 4.7 percent to 12.96 HK dollars, after touching a record intraday high of 13.06 HK dollars, following news that China's securities regulator will hold a hearing Monday on the company's A-share listing application.

PetroChina was the most heavily traded stock on the broader market, with 9.81 billion HK dollars worth of shares changing hands.

Coking coal and coal producer Hidili Industry International Development soared 77 percent from its offering price to 12.12 HK dollars. (7.775 HK dollars = 1 U.S. dollar)

source : xinhua news