Heavyweight China Mobile and HSBC Holdings surged in afternoon trading on Thursday, lifting the benchmark Hang Seng Index of the Hong Kong market to its 11-month closing high of 20,899.24, up 1.97 percent.
The benchmark index opened flat at 20,484.34, down 10.43 points, or 0.05 percent, and slightly picked up the momentum in late morning and afternoon trading. It moved between 20,339.87 and 20, 904.93 on a market turnover of 88.45 billion HK dollars (11.34 billion U.S. dollars), compared with Wednesday's 84.09 billion HK dollars (10.78 billion U.S. dollars).
China Mobile, by far the largest mobile carrier on the Chinese mainland and a market heavyweight on the Hong Kong market, surged 6.05 HK dollars, or 7.47 percent, to close at 87.1 HK dollars as money poured in during afternoon trading. Analysts previously said the stock enjoyed bright prospect but had been behind other blue chips. Market report saying that the telecommunications giant was going to be listed on the mainland market within the year also provided a major catalyst to the rising momentum.
The surge of China Mobile, contributing 142 points alone to the Hang Seng Index, also lifted other players in the industry. China Unicom, the smaller rival, also surged 0.9 HK dollars, or 7.87 percent, to close at 12.34 HK dollars.
HSBC Holdings surged to the fresh high of 85.2 HK dollars, up 2.75 HK dollars, or 3.34 percent, contributing a rise of 111 points to the Hang Seng Index.
Analysts said they still saw investor confidence and rising momentum for the Hang Seng Index but uncertainties remained ahead as further economic data could be either encouraging or discouraging.
Among the four major stock categories, the commerce and industry sub-index emerged the biggest gainer, rising 3.32 percent. The finance category trailed with a rise of 1.39 percent, and the utilities and the properties gained 1.09 percent and 0.39 percent, respectively.
Cheung Kong, the business conglomerate headed by Hong Kong's richest man Li Ka-shing, rose 2.17 percent to close at 99 HK dollars, and SHK Properties, the leading residential housing developer in Hong Kong, edged up 0.35 percent.
The energy shares also benefited from the recovery rally, with industry giants PetroChina adding 2.96 percent, Sinopec adding 2. 01 percent and offshore oil producer CNOOC, 3.58 percent on market news that it was also going to be listed on the mainland.
The banking shares closed mixed on market speculation authorities might take measures to rein in liquidity on the Chinese mainland. ICBC, the biggest commercial lender on the mainland, finished the day down 1.32 percent. China Construction Bank also edged down 0.34 percent, while Bank of China gained 1.63 percent.
Lenovo, the mainland-headquartered PC maker, surged 5.21 percent to close at 3.84 HK dollars after reporting improving performance for the first quarter. (7.8 HK dollars = 1 U.S. dollar)
Source: Xinhua
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