Hong Kong stocks rose 0.97 percent on Tuesday and moved one step closer to the key 26,000 mark.
The benchmark Hang Seng Index edged down 4.33 points, or 0.02 percent, to open at 25,661.96, just off the day's lowest 25,633.47,but gained momentum from blue-chip companies.
The index once jumped as much as 372.29 points, or 1.45 percent, above the key 26,000 level to intra-day high 26,038.58 before trimming the gains to 247.86 points, or 0.97 percent, to close at 25,914.15.
Turnover rose to 88.68 billion HK dollars (11.37 billion U.S. dollars) from Monday's 73.74 billion HK dollars (9.45 billion U.S. dollars).
Market heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, went up 0.83 percent to 134.4 HK dollars, lifting the index by 31.63 points alone.
China Mobile, the largest mobile phone operator in the country and the market's largest stock measured by market value, inched up0.22 percent to 136 HK dollars.
Energy companies all rose amid surging global oil prices. PetroChina, the country's largest oil producer, bounced 0.86 percent to 11.7 HK dollars. Sinopec, Asia's largest refiner, recovered 1.99 percent to 8.22 HK dollars. CNOOC, China's largest offshore oil producer, continued to advance 2.01 percent to 14.2 HK dollars, elevating the index by 21.75 points alone.
Hong Kong's property companies were all higher. SHK Properties, the largest house developer in Hong Kong, added 0.88 percent to 137.2 HK dollars. Cheung Kong, one of the biggest housing companies held by tycoon Li Ka-shing, went up 0.65 percent to 123.2 HK dollars. Sino Land rose 2.71 percent to 20.5 HK dollars. Henderson Land moved up 0.75 percent to 60.6 HK dollars. Hang Lung increased 1.11 percent to 32 HK dollars. New World Development added 2.99 percent to 20.65 HK dollars.
Hong Kong Exchanges and Clearing Limited, the market's sole operator, recovered 0.31 percent to 161.8 HK dollars.
China Enterprise Index, or H-shares, which was composed of 43 companies registered on the Chinese mainland, rebounded 101.17 points, or 0.71 percent, to close at 14,297.83.
China's banking companies listed in Hong Kong were mixed. Heavily traded ICBC, China's largest lender, stood unchanged at 6.2 HK dollars. Bank of China, the country's second largest bank, added 1.54 percent to 3.95 HK dollars. China Construction Bank, the third largest bank in China, advanced 2.03 percent to 7.05 HK dollars after its better-than-expected quarterly result. Bank of Communications gained 1.42 percent to 11.46 HK dollars. China Merchants Bank rose 1.41 percent to 32.45 HK dollars.
China's insurers were mixed after Monday's losses. China Life, the country's largest life insurer, rebounded 1.5 percent to 33.75HK dollars. Ping An bounced 2.55 percent to 72.5 HK dollars. PICC P&C continued to weaken 0.9 percent to 7.74 HK dollars. (7.8 HK dollars = 1 U.S. dollars)
Source:Xinhua
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