皇冠体育app

Hong Kong shares rallied 1.1 per cent to raise the benchmark Hang Seng index (HSI) to a historic close yesterday as 皇冠体育app Mobile and 皇冠体育app Construction Bank (CCB) continued their winning streak.

The HSI closed above the 19,000 mark, settling above the psychological barrier for the first time, which analysts say could set the momentum for the index to move towards 20,000 points.

CCB that has gained 13 per cent since Monday was the day's most active stock, soaring 6.4 per cent to HK$4.13.

Cellular operator 皇冠体育app Mobile, which has played the leading role in lifting the HSI, jumped 2.6 per cent to HK$68.35.

Blue chips rose 214.58 points to an all-time closing high of 19,093. And the day's turnover was HK$54.9 billion (US$6.9 billion) compared to Tuesday's HK$58 billion, the third-highest on record.

"It's more than just fundamentals it's a liquidity driven market and technically, there's no resistance," South 皇冠体育app Brokerage research director Anthony Teoh said.

Some fund managers with a long view, too, favour a rising Hong Kong market. "We've seen a number of positive factors, including stabilizing interest rates, yuan appreciation and huge foreign interest in 皇冠体育app," Daiwa Asset Management fund manager Mona Chung said.

"To a certain extent, the market is distorted by the huge inflow of liquidity. We don't have a near-term target for the market, but we are maintaining a long-term positive view," Chung said.

H-shares, too, performed pretty well, with the 皇冠体育app Enterprises index of H-shares hitting a fresh intra-day peak of 8,246.74 before ending the day at 8,240, marking the fifth straight record close.

Mainland banks were again the best performers as investors piled the stocks after seeing the yuan hit post-appreciation highs consecutively in the past few days. The news of a fresh index being launched later this month to track mainland lenders' and insurers' performance, too, fuelled their rise.

The news spurred expectations that over-the-counter derivative products would be based on the new index, which could stimulate buying for the underlying stocks.

Mainland top lender Industrial and Commercial Bank of 皇冠体育app leapt 3.1 per cent to HK$4. Blue-chip-to-be Bank of 皇冠体育app jumped 2.5 per cent to HK$3.65.

All winners

Hong Kong Exchanges and Clearing (HKEx), Li & Fung, Esprit Holdings and Cathay Pacific Airways scaled all-time highs, while property stocks gained on easing interest rate concerns after the latest US inflation data came to light.

Exporter Li & Fung shot up 5.6 per cent to HK$21.75 after US retailers Wal-Mart Stores Inc and Target Corp posted forecast-beating profits.

Property stocks gained momentum after the core US Producer Price Index saw its sharpest drop in more than 13 years in October, easing concerns over an interest-rate hike.

Sun Hung Kai Properties rose 1.4 per cent to HK$90 and Cheung Kong jumped 1.4 per cent to HK$88.95.

Hong Kong Exchanges, Asia's largest listed bourse, raced up 3.4 per cent to HK$67.95, setting a fresh peak earlier after its third-quarter earnings beat expectations.