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October 24, 2009

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HK Stocks Jump 1.7% To Hit 14-Month High

HONG Kong stocks jumped 379.21 points to close above 22,500 yesterday, a new 14-month high boosted by optimistic economic reports from major companies in the United States and the Chinese mainland.

The benchmark Hang Seng Index opened higher yesterday and widened its gains later before finishing the day up 1.71 percent at 22,589.73. Turnover rose to HK$76 billion (US$9.82 billion) from HK$69.95 billion on Thursday.

Analysts said the continued strength in the index will hinge on corporate earnings. They said the market needs some consolidation and awaits more positive corporate earnings to back further valuation upgrades.

It was reported companies that will release earnings next week include China Life Insurance, Chalco, PetroChina, Sinopec and the Bank of China.


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