Hong Kong stocks softened its early strength and narrowed its gains to close 213.47 points higher Thursday, the sixth day of growth in a row.
The blue-chip Hang Seng Index opened 423.7 points, or 1.44 percent, higher at 29,769.15 and soared as much as 543.9 points, or 1.85 percent, to the day's highest 29,889.35 during the morning session.
Profit-taking moves by investors softened the market's strength in the afternoon, cutting the indicator's gains to 213.47 points, or 0.73 percent, to close at 29,558.92.
Turnover rose to 125.14 billion HK dollars (16.08 billion U.S. dollars) from Wednesday's 114.78 billion HK dollars (14.75 billion U.S. dollars).
China Mobile, the country's largest mobile phone operator and the market's largest stock measured by capitalization, added 0.55 percent to 145.7 HK dollars.
HSBC, another market heavyweight and the city's largest bank, rebounded 1.75 percent to 133.6 HK dollars, propelling the index by 59.61 points alone.
Hong Kong Exchange and Clearing Limited, the market's sole operator, added 0.5 percent to 241.4 HK dollars, benefited from the increased market turnover.
Most of Hong Kong-based property companies were lower due to profit-taking moves from their bull-run during the past days. Cheung Kong slid 2.12 percent to 147.7 HK dollars. SHK Properties lost 3.31 percent to 160.6 HK dollars. New World Development dropped 0.68 percent to 29.45 HK dollars. Sino Land fell 1.24 percent to 28 HK dollars. Henderson Land fell 0.54 percent to 73.55 HK dollars after jumping to its all-time high 76.75 HK dollars. Swire Pacific A fell 2.5 percent to 109 HK dollars.
Hang Lung was the only Hong Kong-based house builder that gained, up 3.02 percent to 37.55 HK dollars.
Hong Kong-based banks were stronger. Hang Seng Bank surged 5.1 percent to 166.9 HK dollars as the bank did not have any investment concerning subprime mortgage in the United States. Bank of East Asia continued its bull run by jumping 5.34 percent to new high 58.15 HK dollars as investors expect Bank of China (Hong Kong) will further increase its stakes of the bank. BOC Hong Kong soared 5.34 percent to 21.7 HK dollars.
The H-shares index, which was composed of 43 companies registered on the Chinese mainland, rose 149.87 points, or 0.85 percent, to close at 17,790.02.
Oil and resources sectors are mostly higher. PetroChina, the largest oil producer in China, rebounded 1.04 percent to 15.6 HK dollars. PetroChina will be added to the blue-chip Hang Seng Index beginning next Monday. Sinopec, the largest oil refiner in Asia, roared 3.78 percent to 12.62 HK dollars.
CNOOC, China's largest offshore oil producer, weakened 0.55 percent to 14.4 HK dollars.
Angang Steel added 0.8 percent to 25.2 HK dollars. Maanshan Iron surged 5.89 percent to 6.11 HK dollars. China Shenhua, the country's largest coal producer which is to be added to the Hang Seng Index as of next Monday, rose 1.04 percent to 48.6 HK dollars. China Coal surged 6.71 percent to 25.45 HK dollars.
House developer China Overseas, which will also become a Hang Seng Index constituent next Monday, rose 2.74 percent to 18.78 HK dollars.
China's banks and insurers were mostly higher. ICBC, China's largest lender, increased 0.96 percent to 6.29 HK dollars. Bank of China went up 1.46 percent to 4.18 HK dollars. China Merchants Bank added 0.41 percent to 37 HK dollars. Bank of Communications inched up 0.32 percent to 12.54 HK dollars.
China Life, the largest life insurer in China, rose 1.13 percent to 44.65 HK dollars. Ping An advanced 1.9 percent to 91.3 HK dollars.
CCB, the second largest bank in China, lost 1.03 percent to 7.7 HK dollars. (7.78 HK dollars = 1 U.S. dollars)
Source: Xinhua
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