HONG KONG (XFN-ASIA) - The Hong Kong stock market's benchmark Hang Seng Index broke the 29,000 points level for the first time, before pulling back below that level, helped by strong gains in China financials, coal stocks and oil firms.
Liquidity inflows following China's expanded qualified domestic institutional investor (QDII) program boosted many H-shares, while select local property firms were up on expectations that their land holdings will be valued higher following the government's plans for major infrastructure projects.
Construction firms were sharply higher on the government's infrastructure development program.
Hong Kong Chief Executive Donald Tsang announced in his annual policy speech yesterday that the government intends to prioritise ten major infrastructure projects.
At 3 pm, the Hang Seng index was up 428.18 points or 1.5 pct at 28,997.51, off a low of 28,609.68 and a new all-time-high of 29,023.65.
Turnover was at 121.67 bln hkd.
The Hang Seng China Enterprises (otcbb: CSHEE.OB - news - people ) index was up 657.23 points or 3.59 pct at 18,943.15.
China Shenhua Energy was up 6.35 hkd or 13.5 pct at 52.9, off an all-time-high of 53.2, China Mobile (nyse: CHL - news - people ) was up 2.6 hkd or 1.97 pct at 134.6, and Bank of China up 0.18 hkd or 3.89 pct at 4.81.
Among oil stocks, PetroChina (nyse: PTR - news - people ) rose 0.94 hkd or 6.45 pct at 15.52, and CNOOC (nyse: CEO - news - people ) was up 0.48 hkd or 3.73 pct at 13.32.
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