Hong Kong stocks close up 0.80%

Hong Kong stocks close up 0.80%

Hong Kong stocks extended gains from Tuesday tracking gains on Wall Street and moved up 0.80 percent, or 176.42 points, to close at 22,289.57.
The benchmark Hang Seng index opened 289.36 points higher, or 1.31 percent, at 22,402.51 on Wednesday. It moved between 22,439.36 and 22,266.69 during the day\’s trading, with turnover going up to 77.90 billion HK dollars (about 10.06 billion U.S. dollars) from Tuesday\’s 74.90 billion HK dollars (about 9.67 billion U. S. dollars).
Analysts said they expected the benchmark index to be volatile in coming sessions, consolidating between 21,000 and 22,500 points. Last week, the index suffered heavy losses due to Dubai\’s debt crisis, losing over 1,000 points.
The Hang Seng China Enterprises Index swelled 111.81 points, or0.85 percent to close at 13,341.81.
Three of the four major stock categories gained ground. The finance sub-index rose 0.59 percent, the properties up 1.27 percent, the commerce and industry advanced 1.20 percent, while the utilities lost 0.78 percent.
Banking giant and market heavyweight HSBC gained 0.98 percent to close at 92.55 HK dollars. China Mobile climbed 1.10 percent at73.85 HK dollars.
The mainland-based commercial lenders ended mixed. ICBC and CCB ended higher by 0.60 percent and 1.42 percent respectively, while Bank of Communications fell 0.75 percent and Bank of China stayed unchanged.
Oil shares closed higher, boosted by an overnight rise in oil prices. PetroChina gained 1.43 percent, Sinopec edged up 1.39 percent and offshore oil producer CNOOC gained 1.16 percent.
As for local properties, Cheung Kong, the flagship of Hong Kong\’s richest man Li Ka-shing, rose 0.81 percent to 99.40 HK dollars. Sun Hung Kai Properties up 1.30 percent to 117.10 HK dollars. Henderson Land went up 0.71 percent to 57.10 HK dollars.
China Resources Power continued to lose, falling 0.63 percent to 15.70 HK dollars. (7.742 HK dollars = 1 U.S. dollar).