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January 6, 2010

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Home » Business » Finance

HK stocks end high, boosted by metals

HONG Kong stocks ended higher yesterday, fueled by a rally in metals and energy amid firmer commodities prices, while banks rebounded on optimism that global recovery would drive profit.

The Hang Seng Index ended up 2.09 percent, its biggest percentage gain in five weeks, or 456.3 points, at 22,279.58. The China Enterprises Index of top locally listed Chinese mainland stocks was up 3.07 percent at 13,142.03.

Turnover rose sharply to HK$82.97 billion (US$10.7 billion) from HK$48.51 billion on Monday.

"It was an encouraging performance," said Howard Gorges, vice chairman at South China Financial Holdings. "The volume of trade picked up as well, so we now have more people back and there is a bit of optimism looking forward."

Oil edged up to near US$82 per barrel yesterday, lifting energy and other resources shares.

PetroChina rose 5.92 percent, Aluminum Corp of China was up 9.08 percent and Realgold Mining climbed 9.69 percent. CNOOC rose 5.72 percent and Jiangxi Copper 7.49 percent.

Ports-to-telecommunications conglomerate Hutchison Whampoa, controlled by billionaire Li Ka-shing, gained 4.07 percent to HK$56.25, its highest close since October 23. Li is reported to have raised his stake in Whampoa 18 times in the past few months.

Hutchison Telecommunications said parent Hutchison Whampoa was expected to announce a buyout of the telecommunications unit.

Index heavyweight HSBC Holdings was up 1.34 percent, the Bank of China rose 2.61 percent, while China Construction Bank gained 2.43 percent.

Wynn Macau rose 5.13 percent and Sands China gained 6.53 percent on reports that gambling revenues in Macau rose 48 percent in December from a year earlier.


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