HK stocks close higher, extending mainland market’s rally

HONG KONG—Hong Kong’s benchmark Hang Seng Index extended the rally Friday on the boost mainland market, which gained support from the rumors of stamp duty cut.
The Hang Seng index closed up 621.73 points or 2.74 percent at 23,285.95 after trading between 22,721.22 and 23,313.88 during the session. Turnover rose slightly to 97.54 billion Hong Kong dollars (12.55 billion U.S. dollars) from Thursday’s 79.95 billion.
China Mobile rose 2.9 Hong Kong dollars or 2.51 percent to 118.3 Hong Kong dollars, while China Unicom slid 3.5 percent to 16.92 Hong Kong dollars.
China Mobile shares were higher after news that its parent will begin next month commercial trials of third-generation (3G) mobile phone services based on China’s homegrown TD-SCDMA standard.
China Mobile Group said it will launch commercial trials of TD-SCDMA-based 3G services in eight cities, Beijing, Shanghai, Tianjin, Shenyang, Guangzhou, Shenzhen, Xiamen and Qinhuangdao, from April 1.
COSCO Pacific leading the day’s raising momentum as climbed 10.48 percent to 14.12 Hong Kong dollars. Ping An rose 8.26 percent to 52.65 Hong Kong dollars.
CNOOC advanced 0.76 Hong Kong dollars or 6.84 percent to 11.12,the Hong Kong-listed mainland Chinese offshore oil producer announced a modest improvement in its net profit in 2007 after the Thursday’s session closed.
CNOOC said its net profit rose to 31.26 billion yuan last year from 30.93 billion yuan the year before, an increase of 1.1 percent.
China life added 1.6 Hong Kong dollars or 6.7 percent to 26.35 but brokers view still mixed, while HSBC edged down 0.4 percent to127.9 Hong Kong dollars.

—Xinhua