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HK stock index rises for 4th straight day
AP - Saturday, November 29
HONG KONG - Hong Kong's key stock index advanced for a fourth straight session Friday as investors bet Wall Street will extend gains when trade resumes following the Thanksgiving holiday.
The blue chip Hang Seng index rose 336.18 points, or 2.5 percent, to 13,888.24.
The benchmark index has gained 9.7 percent this week, during which the Chinese government slashed a key interest rate by the largest amount in 11 years to spur economic growth and the U.S. government announced a bailout of Citigroup.
Analysts said investors anticipated the Dow Jones industrial average would extend recent gains after the U.S. stock market was closed Thursday for Thanksgiving.
"Investors are having some wishful thinking that the U.S. stocks will continue to rise as market sentiments are improving," said Conita Hung, head of research at Delta Asia Securities.
Most stocks gained Friday except Chinese financials. Telecom heavyweight China Mobile added 2.3 percent to 71.10 Hong Kong dollars. China Unicom rose 6.6 percent to HK$9.56, China Telecom was 3.5 percent higher at HK$2.95.
In commodities, upstream oil producer CNOOC soared 5.8 percent to HK$6.25 and Sinopec gained 3.2 to HK$5.15.
Bucking the trend, top lender ICBC lost 0.5 percent to HK$3.80 while China Contruction Bank dropped 2.6 percent.
Insurer Ping An insurance fell 5.7 percent to HK$29.25. Rival China Life was off 2.7 percent to HK$19.94.
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Stock Exchange of Hong Kong: http://www.hkex.com.hk
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