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21:56, July 13, 2007 |
Hong Kong stocks surged 290 points to close at 23,099 Friday, resetting fresh record both for the benchmark index and the market capitalization.
The bull rally Friday was led by China Mobile and bolstered by the overnight surge in Wall Street. China Mobile jumped 3.26 percent at 91.95 HK dollars after once setting a new high of 92.7 HK dollars (11.86 U.S. dollars).
And for the first time, the market capitalization surpassed 17 trillion HK dollars.
The benchmark Hang Seng Index shot past the key 23,000 resistance at the open to set a new top at 23,239.92. It ended the day up 290.27 points at 23,099.29 for a 2.5 percent weekly gain. However, turnover shrank to 80.4 billion HK dollars compared with 91.4 billion HK dollars on Thursday.
The China Enterprises Index of mainland companies listed in Hong Kong rose 1.3 percent, or 163.46 points, to 13,200.57, with its new high now at 13,335.21. The index rose 4.1 percent for the week.
The three mainland insurers sustained strength amid hopes over "Insurance QDII" to be imminent and upbeat comments by investment banks. China Life, Ping An and PICC P&C added 1.81 percent to 3.83 percent.
The six banks were little changed. CCB and ICBC climbed 1.38 percent and 0.63 percent. CM Bank was up 0.72 percent, and CITIC Bank up 0.16 percent. Bank of China and Bankcomm dipped 0.11 percent to 0.24 percent.
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