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Hong Kong shares jump 2.4 percent to record close
Published in Saudi Press Agency on 27 - 09 - 2007


Hong Kong's stock market soared to a
record Thursday, fueled by futures-led demand and robust
gains in Chinese telecommunications operators China Mobile
and China Netcom, according to AP.
The blue chip Hang Seng Index rose 634.86 points, or 2.4
percent, to 27,065.15. Financial markets in Hong Kong were
closed Wednesday for the Mid-Autumn Festival public
holiday.
The benchmark index has risen over 35 percent since the
beginning of the year.
Analysts said the bull market will likely continue on the
flush liquidity expected to be channeled to the local
equities market from various investment programs to be set
up in mainland China in the near term.
«I don't think investors should stay on the sidelines
despite huge accumulated gains,» DBS Vickers strategist
Peter So said.
China telecommunications firms had the strongest gains on
Thursday. China Mobile rose 6.52 percent to HK$129 as fund
managers snapped up the stock to take advantage of the
market rally.
«As China Mobile is the largest cap blue chip, it is the
must-buy stock for funds to prevent themselves from
underperforming the benchmark Hang Seng index,» China
Everbright Securities analyst Wong Chi-man said.
China Netcom, the smaller of the country's two fixed-line
operators, rose 6.12 percent to HK$20.65 on hopes that
restructuring in mainland China's telecommunications
industry will give the company access to the mobile phone
market.
Banking giant HSBC rose 0.9 percent to HK$143.4 on news it
will set up an insurance joint venture in China with
Chinese trust and investment company National Trust Ltd.
Hong Kong Exchanges & Clearing rose 1.46 percent to HK$236
after the Times of London said China's US$200 billion
investment fund might have taken a stake in the local
bourse operator.
Turnover totaled HK$147 billion (US$18.95 billion; euro
13.39 billion), up from HK$129.18 billion Tuesday.


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