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Share prices in Hong Kong closedsharply higher Wednesday as investors shrugged off Wall Street's overnight falls amid substantial gains in most major telecommunications and property stocks.
The Hang Seng Index closed up 255.71 points or 2.68 percent at 9,804.65 Wednesday, off a high of 9,809.51 and a low of 9,545.66, ontrade of 7.356 billion Hong Kong dollars (943 million US dollars).
The Hang Seng October contract last traded at 9,825 points.
The Hang Seng China Enterprises Index was up 44.10 points at 1,886.31, while the CAC Index rose 49.5 points to 1,092.11.
The GEM board Index was up 4.16 points at 117.23.
Among telecom stocks, China Unicom gained 0.35 or 6.8 percent to5.45, China Mobile added 1.00 to 21.10, PCCW rose 0.10 or 9.1 percent to 1.19 and Hutchison Whampoa was up 1.70 at 49.20.
In the property sector, Sun Hung Kai Properties rose 1.30 to 49.90, Henderson Land added 1.05 to 24.95 and Cheung Kong gained 1.50to 53.25 after winning a residential development project for the Tiu Keng Leng station along on MTR Corp's Tsang Kwan O line.
New World Development was up 0.15 at 4.525, New World Infrastructure up 0.25 at 2.20 and Pacific Ports was up 0.09 at 0.57, extending Tuesday's gains following the group's restructuring plans.
In the financial sector, HSBC was up 1.00 at 87.50, Hang Seng Bank up 0.75 at 85.75 and BOC Hong Kong up 0.10 at 8.05.
Of the red-chips, CNOOC was up 0.30 at 9.95 and Legend up 0.175at 2.75 while Huaneng Power was 0.30 higher at 5.90, Beijing Datang up 0.10 at 2.65 and China Southern Airlines up 0.125 at 2.25.
On the GEM Board, tom.com was up 0.255 at 2.025 while CK Life Sciences rose 0.11 to 1.45.
(Xinhua News Agency October 24, 2002)
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