Hong Kong stocks advanced 1.95 percent on Tuesday as investors bought blue-chip companies in bargain hunting after Monday's suspension of trading due to a public holiday.
The benchmark Hang Seng Index rose 127.01 points, or 0.51 percent, to open at 25,190.18 and fluctuated around 25,050 level after a powerful earthquake on Monday claimed more than 10,000 lives in southwest China.
The market gained momentum from strong performance of Asian markets and extended its rally to 489.6 points, or 1.95 percent, to close at 25,552.77.
Turnover rose to 80.84 billion HK dollars (10.36 billion U.S. dollars) from Friday's 77.26 billion HK dollars (9.92 billion U.S. dollars).
Market heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, jumped 1.96 percent to 135.5 HK dollars, lifting the index by 74.74 points alone.
China Mobile, the largest mobile phone operator in the country and the market's largest stock measured by capitalization, shot up3.02 percent to 133 HK dollars, boosting the index by 101.92 points.
Hong Kong's property companies all rose. SHK Properties, the largest house developer in Hong Kong, jumped 2.14 percent to 138.3HK dollars. Cheung Kong, one of the biggest housing companies controlled by tycoon Li Ka-shing, rose 1.8 percent to 121.6 HK dollars. Sino Land surged 4.24 percent to 20.9 HK dollars. New World Development soared 4.5 percent to 20.9 HK dollars. Hang Lung gained 2.86 percent to 30.6 HK dollars. Henderson Land increased 1. 38 percent to 59 HK dollars.
Hong Kong Exchanges and Clearing Limited, the market's sole operator, moved up 2.4 percent to 153.8 HK dollars.
Energy sectors were mixed. PetroChina, the country's largest oil producer, was unchanged at 10.96 HK dollars. Sinopec, Asia's largest refiner, inched up 0.66 percent to 7.66 HK dollars. CNOOC, China's largest offshore oil producer, advanced 1.85 percent to 14.34 HK dollars.
China Enterprise Index, or H-shares, which was composed of 43 companies registered on the Chinese mainland, went up 315.33 points, or 2.31 percent, to close at 13,977.91 though China's central bank announced on Monday that it would raise the reserve requirement ratio for commercial banks by 0.5 percentage point to a new high of 16.5 percent in a bid to curb the inflation.
China's banking companies and insurers listed in Hong Kong were mostly higher. Heavily traded ICBC, China's largest lender, rose 3. 22 percent to 6.1 HK dollars. Bank of China, the country's second largest bank, added 2.84 percent to 3.99 HK dollars. China Construction Bank, the third largest bank in China, surged 4.86 percent to 7.12 HK dollars. Bank of Communications went up 2.08 percent to 10.82 HK dollars. China Merchants Bank increased 2.5 percent to 30.8 HK dollars. China Life, the country's largest life insurer, added 1.53 percent to 33.2 HK dollars. Ping An increased 1.36 percent to 70.85 HK dollars.
PICC P&C, whose premium were mainly property and life insurance, fell 3.18 percent to 7 HK dollars as a great amount of compensation is expected in the deadly earthquake in southwest China. (7.8 HK dollars = 1 U.S. dollars)
Source: Xinhua
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