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BIZCHINA / Weekly Roundup |
HK shares set new record for a 2nd straight day(Xinhua)
Updated: 2007-09-29 15:57 Hong Kong shares on Friday rose to a record high for a second straight day with record local turnover and high crude oil prices. Turnover reached its highest-ever level of HK$148.575 billion (US$19.165 billion), up from HK$147.05 billion on Thursday. Traders said liquidity in Asia will likely remain buoyant in the near future, which could help Hong Kong's benchmark index to scale new heights next week. Chinese oil companies also soared, after front-month benchmark crude futures on the New York Mercantile Exchange rose to as high as US$83.90 a barrel. Cnooc, Petrochina and Sinopec all ended at record closing levels. Cnooc ended up 4.6 percent at HK$13. 06, off its intraday record high of HK$13.18, while PetroChina ended 4.8 percent higher at HK$14.74 and Sinopec gained 2.3 percent to HK$9.71. China Oilfield Services rose 6.3 percent to HK$17.90, yet another record, partly reflecting the strong debut of the company's A shares in Shanghai, which ended at 39.90 yuan, nearly triple their initial public offering price of 13.48 yuan. Developer Sino-Ocean land ended at HK$11.00 on its debut in Hong Kong, 43 percent higher than its IPO price of HK$7. 70. The Chinese mainland share prices also closed sharply higher at a new record high on Friday. The Shanghai Composite Index ended up 2.6 percent at 5,552 on the last trading day of the third quarter. The finance sub-index rose 181.94 points or 0.45 percent to 41, 021.22. The properties sub-index dropped 172.40 points or 0.53 percent at 32,515.57. The commerce and industry sub-index went up 54.90 points or 0. 35 percent to 15,827.00. The utilities sub-index went down 16.27 points or 0.04 percent at 36,667.62.
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