Hong Kong Stock Index Jumps 2.7 Percent
Hong Kong's Key Stock Index Jumps 2.7 Percent, Lifted by Gains on Chinese Exchanges
HONG KONG (AP) -- Hong Kong shares rose Friday as traders bought Chinese blue chips after strong gains in mainland stock markets.
Analysts said, however, that investors remain cautious due to a slumping U.S. economy.
The blue chip Hang Seng Index rose 621.73 points, or 2.7 percent, to 23,285.95.
Shanghai-listed shares rose on speculation that China's securities regulator may announce the timetable for the launch of stock index futures this weekend. The benchmark Shanghai Composite Index surged 4.9 percent to 3,580.15.
That encouraged traders to buy China-related blue chip companies listed on the Hong Kong market.
China Shenhua Energy soared 9 percent to 32.85 Hong Kong dollars. PetroChina rose 5.2 percent to HK$9.96. Ping An Insurance jumped 8.3 percent to HK$57, while China Life Insurance rose 6.1 percent to HK$27.95.
Oil company CNOOC rose 6.8 percent to HK$11.88 as oil prices continued to trade well above $100 a barrel.
Hong Kong consumer goods exporter Li & Fung plunged 9.9 percent to HK$28.70 after it posted weaker-than-expected 2007 results late Thursday.
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