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December 2, 2009

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Home » Business » Finance

Optimism fuels rise in Hang Seng Index

HONG Kong stocks rose yesterday amid optimism over China's economic growth after upbeat Chinese mainland manufacturing surveys, with banks, car makers and airlines leading gains.

The benchmark Hang Seng Index climbed to a session high of 22,130.75 before ending at 22,113.15, up 1.34 percent, or 291.65 points, extending the previous session's biggest single-day percentage gain in more than four months.

Market turnover decreased to HK$74.90 billion (US$9.7 billion) from Monday's HK$79.84 billion.

Banks shares led, with HSBC up 1.05 percent at HK$91.65. ICBC rose 2.29 percent to HK$6.70, and the Bank of China climbed 1.6 percent to HK$4.44 as concern eased about Chinese banks' fundraising needs.

"The market played down the impact of the Dubai debt situation, and optimism over China's economy and those in the region lifted sentiment," said Conita Hung, head of research of Delta Asia Financial.

Brokers said the blue-chip index could edge higher after it was able to hold above the psychological resistance level at 22,000.

The China Enterprises Index of top locally listed mainland stocks gained 1.92 percent to 13,229.36. Chinese car and battery maker BYD ended up 9.37 percent at HK$74.10.

Air China rose to a near 19-month high of HK$6.15 intraday, on speculation that the carrier may take control of a smaller airline in Shenzhen. Air China ended at HK$6.14, up 9.84 percent.

Cathay Pacific surged 3.2 percent to HK$13.66.

CNPC (Hong Kong) rose 6.8 percent to an all time-high of HK$9.3 before ending at HK$9.04, up 3.79 percent.


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