Hong Kong stocks once surged 920.46 points during trading but trimmed its gains to 375.7 points, or2.69 percent, to close at 14,344.37 on Monday, extending the market's gains after massive rally last week.
The benchmark Hang Seng Index tracked higher openings in Asia stock markets to open at 14,436.03, up 467.36 points, or 3.35 percent, and shortly jumped 920.46 points, or 6.6 percent, to the day's highest 14,889.13 in morning trading.
Cautious investors chose to cash in on huge rally as the index had already rocketed about 30 percent last week.
The index retreated from the day's peak and added 375.7 points, or 2.69 percent, to close at 14,344.37, off the day's lowest 14, 272.17.
Turnover fell to 52.11 billion HK dollars (6.68 billion U.S. dollars) from Friday's 58.47 billion HK dollars (7.55 billion U.S. dollars).
Among 42 components of the benchmark Hang Seng Index, rising shares outnumbered losers 34 to 4, with four others unchanged.
Market heavyweight HSBC, which accounts for the largest weighting of the index, added 0.54 percent to 92.5 HK dollars.
Another market heavyweight China Mobile, or the country's largest mobile phone operator, rose 4.43 percent to 70.8 HK dollars.
The Hong Kong Exchanges and Clearing Ltd., the market's sole operator, advanced 1.65 percent to 77 HK dollars.
Hong Kong's housing companies rose on hope that the Federal Reserve will further slash interest rate to stabilize the economy and the capital market. Sun Hung Kai Properties, Hong Kong's largest house developer, jumped 7.63 percent to 70.5 HK dollars. Cheung Kong rallied 5.65 percent to 76.65 HK dollars. Henderson Land increased 5.35 percent to 28.55 HK dollars. New World Development climbed 5.77 percent to 6.6 HK dollars. Sino Land added 2.92 percent to 6.7 HK dollars. Hang Lung Property was unchanged at 18.4 HK dollars.
The China Enterprise Index, or H-shares, a barometer composed of companies registered in the Chinese mainland but listed in Hong Kong, gained 195.18 points, or 2.95 percent, to 6,806.33.
China's energy companies were mixed as oil prices rose above 68U.S. dollars a barrel in Asian trading. PetroChina, the country's largest oil producer, rose 4.39 percent to 5.95 HK dollars. CNOOC, China's largest offshore oil company, rallied 4.92 percent to 6.61HK dollars. Sinopec, Asia's largest oil refiner, lost 4.18 percent to 4.82 HK dollars.
Banking and insurers in China were mostly higher. ICBC, China's largest lender, jumped 5.09 percent to 3.72 HK dollars. Bank of China, the country's second largest bank, remained unchanged at 2.21 HK dollars. China Construction Bank rose 2.7 percent to 3.8 HK dollars. China Life, the country largest insurance company, advanced 3.19 percent to 21 HK dollars. Ping An moved up 2.5 percent to 32.8 HK dollars. Bank of Communications increased 1.81 percent to 4.5 HK dollars. China Merchants Bank added 3.3 percent to 11.88 HK dollars. (7.8 HK dollars = 1 U.S. dollars)
Source: Xinhua
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