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November 17, 2009

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Home » Business » Finance

HK stocks climb for 2nd day to end at 1.7%

HONG Kong stocks rose for a second day yesterday due to Friday's gains on Wall Street, and went up 1.73 percent to end at a more than 15-month high of 22,943.98.

The benchmark Hang Seng Index opened 1.05 percent higher at 22,789.99 yesterday and moved between 22,998.85 and 22,770.69 during the session. Turnover rose to HK$76.4 billion (US$9.8 billion) from Friday's HK$70 billion.

Analysts saw positive market sentiment and expected the index to head toward 23,500-25,000 range by the end of 2009.

Banking giant and market heavyweight HSBC led the gains by climbing 2.64 percent to close at HK$97.10, and its local unit, Hang Seng Bank, added HK$1.80, or 1.57 percent.

ICBC climbed 2.35 percent to close at HK$6.96. The Bank of China gained 2.27 percent, China Construction Bank surged 3.65 percent and the Bank of Communications up 2.16 percent.

Local developers also gained. Cheung Kong, the flagship of Hong Kong's richest man Li Ka-shing, added 0.36 percent. Sun Hung Kai Properties, the leading residential housing developer in Hong Kong, rose 1.46 percent.


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