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HK stocks end at record high for 4th consecutive day

(Xinhua)
Updated: 2007-06-25 09:00

Hong Kong stocks continued its bull run the whole week on an inflow of funds to end at record high on Friday for the 4th consecutive day this week, surging 417.02 points from the week's low of 21,582.89.

The blue-chip Hang Seng index moved up 45.24 points, or 0.21 percent, after trading between a record intra-day high of 22,052.85 and 21,788.15 to close at the week's high of 21,999.91 on Friday.

Half of the four major stock categories gained ground on Friday. The finance rose 38.74 points, or 0.11 percent, to close at33,908.81. The Commerce and Industry went up 73.20 points, or 0.59percent, to close at 12,400.55.

Related readings:  New record for Hang Seng  Stocks up amid fluctuations in morning session  HK shares forge fresh records Find more in Markets Watch

T wo other major stock categories lost ground on Friday. The Utilities moved down 261.91 points, or 0.74 percent to close at 35,008.83. The Properties dropped 193.57, or 0.75 percent, to close at 25,588.10.

HSBC, the heavy weight of the market, gained 0.07 percent to 145.60 HK dollars.

China Mobile, the second largest constituent of the benchmark index, led Friday's gains by rising 2.8 percent to 84.65 HK dollars as investors remained upbeat on earnings growth prospects in the coming years for China's largest mobile operator by subscribers.

Among other gainers, Ping An rose 6.02 percent to 57.25 HK dollars. China Life rose 1.58 percent to 28.95 HK dollars. China Netcom rose 1.10 percent to 23.05 HK dollars.

Gains in China Mobile lifted the Hang Seng Index higher for a sixth consecutive day on Friday, as investors shrugged off declines in the mainland's stock markets on concerns over more tightening measures.

The Hang Seng Index has gained 1,376 points in the past five sessions. Analysts said the local market will likely take a pause after the strong gains in recent days, which were fueled largely by an inflow of funds from overseas.

"I think the local market will likely enter a consolidating phase in the near term after recent strong gains," said Castor Pang, a strategist at Sun Hung Kai Research Ltd, adding that he predicted the benchmark index will likely trade within a range of 21,500 to 22,100 in the near term.

The brokerage house ICEA predicted the Hang Seng Index will hit24,400 before the end of the year, driven by robust corporate earnings growth and ample liquidity.