Hong Kong shares advance to fresh high

Market heavyweight China Mobile continued its bull run together and the properties sector posted a robust upsurge in Hong Kong Stocks, lifting the bourse by 0.19 percent to close at history-making 18,749.69 on Friday.

The benchmark Hang Seng Index opened lower at 18,696.58 and shortly rebounded to an all-time high at 18,771.01 during the morning session, scratching the previous peak of 18,724.91 on Thursday.

Hang Seng Index ended up 34.91 points, or 0.19 percent, at 18, 749.69 on a heavier turnover. The previous closing record was 18, 714.78 on Thursday. Friday's trading also end the week with fresh record for three consecutive days since Wednesday.

The four sub-indices were mixed. The Properties led the entire market by increasing 1.45 percent to 21,364.87. The Commerce and Industry added 0.23 percent to 9,749.12.

The Utilities lost 0.39 percent to 33,724.09 and the Finance gave up 0.17 percent to 31,557.72.

Market turnover rose to 42.746 billion HK dollars (5.5 billion U.S. dollars) from Thursday's 39.06 billion HK dollars (5.03 billion U.S. dollars).

Market heavyweight China Mobile advanced 0.9 percent to a six- year high at 66.5 HK dollars, lifting the stocks by 37.2 points.

HSBC, the largest stock by market capitalization, however, fell 0.2 percent to 149.9 HK dollars, dragging the entire market by 9. 25 points.

Among property sector, Hang Lung added 2.6 percent to 20.4 HK dollars, Sung Hung Kei Property rose 1.3 percent to 87.55 HK dollars on the back of positive market response to its new launch in Lai Chi Kok. Henderson Land put on 0.8 percent to 44.25 HK dollars.

Banking stocks were firm, Industrial and Commercial Bank of China rose 2.6 percent to 3.59 HK dollars, with 7.3 billion HK dollars worth of shares changing hands, or one sixth of the market turnover. Bank of Communications increased 1 percent to 6.13 HK dollars on Goldman's upgrade. China Merchants Bank also went up by 1.8 percent to 12.62 HK dollars.

China enterprise indices were almost flat, with H shares index edging down 1.46 points at 7,620.47.

Source: Xinhua