Hang Seng reaches all-time high

By Hui Ching-hoo (China Daily)
Updated: 2007-07-14 09:08

HONG KONG: Due to an upswing of the index main mover China Mobile, the benchmark Hang Seng Index on Friday pierced the key 23,000 barrier to set a new record at 23,099, up 290 points.

The index reached an all-time high during intra-day trading. Daily turnover was strong at HK$80.4 billion. The index notched up a 2.5 percent weekly gain.

The China Enterprises Index of mainland companies in Hong Kong rose 1.3 percent, or 163 points, with its new high now of 13,335 on Friday. The index rose 4.1 percent for the week.

"This is pure liquidity," said Tat Auyeung, fund manager at APEX Capital Management. He added that if the mainland's June consumer price index exceeds 4 percent, the market would find a reason to consolidate.

Mainland life insurers climbed to fresh highs, with China Life up 1.8 percent to HK$31 and Ping An Insurance rising 3.8 percent to HK$63.65.

Mainland property took the spotlight as KWG Properties gained 5.9 percent to HK$8.61 and Country Garden Holdings leapt 5.2 percent to HK$7.3.

The day's most traded stock was China Mobile, which jumped 3.3 percent to HK$91.95, setting a new high at HK$92.7.

Coal shares also ascended, helped by a bullish Citigroup report on the sector. The mainland's largest coal producer, China Shenhua Energy Corp, leaped 3.4 percent to HK$31.95. Shenhua is in talks with US coal miner Peabody Energy Corp to develop coal projects in the country. China Coal advanced 2.8 percent to HK$14.58.

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