Hong Kong stocks rose 336.18 points, or 2.48 percent, to close at 13,888.24 on Friday, wrapping up the market's trading to four straight winning sessions.
The benchmark Hang Seng Index edged down 1.77 points, or 0.01 percent, to open at the day's lowest 13,550.29, but soon bounced to positive territory.
The index at one point jumped as much as 344.43 points, or 2.54percent, to the day's peak 13,896.49 before it softened a little bit to 336.18 points, or 2.48 percent, to close at 13,888.24
Turnover fell to 42.37 billion HK dollars (5.47 billion U.S. dollars) from Thursday's 50.23 billion HK dollars (6.48 billion U.S. dollars).
Among 42 Hang Seng Index components, advancers led declining stocks 36 to 6.
HSBC, the largest lender in Hong Kong that accounts for the largest weighting of the Hang Seng Index, was up 2.51 percent to 83.7 HK dollars, boosting the index by 52.43 points alone.
Another market heavyweight China Mobile, the market's largest company measured by capitalization or the country's biggest telecommunication operator, rose 2.3 percent to 71.1 HK dollars, lifting the index by 41.94 points alone.
The Hong Kong Exchanges and Clearing Ltd., the market's sole operator, gained 1.84 percent to 61 HK dollars.
Hong Kong's local property companies were the market's driving force after China's massive interest rate cuts. Sung Hung Kai Property, the city's largest housing company, jumped 6.7 percent to 61.35 HK dollars. Cheung Kong rallied 4.06 percent to 73 HK dollars. Henderson Land went up 2.94 percent to 26.3 HK dollars. New World Development rose 2.69 percent to 6.1 HK dollars. Sino Land was up 2.7 percent to 5.7 HK dollars. Hang Lung was up 6.91 percent to 16.7 HK dollars.
The China Enterprise Index, or H-shares reflecting the performance of 42 companies registered in the Chinese mainland, rallied 86.65 points, or 1.22 percent, to 7,207.48.
China's energy companies were all higher as oil prices fell below 54 U.S. dollars a barrel in Asia ahead of an OPEC meeting. PetroChina, the country's largest oil producer, advanced 2.24 percent to 6.39 HK dollars. Sinopec, Asia's largest refiner, rose 3.21 percent to 5.15 HK dollars. CNOOC, China's largest offshore oil producer, jumped 5.75 percent to 6.25 HK dollars.
China's banks and insurers listed in Hong Kong were heading towards different directions on rallies in the past trading sessions after the central bank's massive rate cut by 1.08 percent. ICBC, China's largest lender, dipped 0.52 percent to 3.8 HK dollars. China Life, the country's largest insurance company, lost 2.73 percent to 19.94 HK dollars. China Construction Bank, the country's third banking giant, sank 2.62 percent to 4.09 HK dollars. Ping An, China's second biggest insurer, slumped 5.65 percent to 29.25 HK dollars.
The Bank of China, the second largest bank in the country, rose4.26 percent to 2.45 HK dollars. The Bank of Communications advanced 4.31 percent to 5.08 HK dollars. The CITIC Bank went up 5. 31 percent to 2.58 HK dollars. The China Merchants Bank edged up 0. 65 percent to 12.44 HK dollars.
Property companies in China extended their gains as the market expected the central bank's rate cuts would help the industry to recover from a weakening demand. China Overseas was up 2.55 percent to 10.04 HK dollars. R&F Properties surged 15.46 percent to 4.78 HK dollars after jumping more than 10 percent Thursday. KWG Property continued to soar 12.33 percent to 1.64 HK dollars. Agile Property jumped 10.37 percent to 2.98 HK dollars. Hopson Development soared 18.96 percent to 3.2 HK dollars. Greentown China went up 4.17 percent to 2.5 HK dollars. (7.75 HK dollars = 1 U.S. dollar)Source: Xinhua
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