Hong Kong stocks rally above 24,000 mark

HONG KONG, April 3 (Xinhua) -- Hong Kong stocks extended the gains on Thursday, further consolidating the market's upwards momentum after the upsurge on Wednesday.

Market sentiment improved greatly following Wednesday's rally, giving investors more reasons to buy into blue-chip companies of property, energy and financial sectors.

The blue-chip Hang Seng Index moved up 75.12 points, or 0.31 percent, to open at 23,947.55 and widened its gains by 297.06 points, or 1.24 percent, to close Thursday's morning session at 24,169.49.

The market kept its upwards trend in the afternoon session before advancing 392.2 points, or 1.64 percent, to close at 24,264. 63.

Turnover fell to 91.5 billion HK dollars (11.73 billion U.S. dollars) from Wednesday's 114.68 billion HK dollars (14.7 billion U.S. dollars).

Property, energy and financial sectors were the major driving force for the market's rally.

Heavily traded HSBC, which accounts for the largest weighting of the Hang Seng Index, edged up 0.23 percent to 131.8 HK dollars.

China Mobile, the country's largest mobile phone operator and the market's largest stock measured by capitalization, advanced 1.73 percent to 123.8 HK dollars after China began testing its own 3- generation mobile phone networks on Tuesday, lifting the index by 54.88 points alone.

Hong Kong's property sectors all rose as the market expected the Federal Reserve might cut the interest rate again to prevent the credit crisis from worsening.

SHK Properties, the largest house developer in Hong Kong, rose 2.86 percent to 133.2 HK dollars. Cheung Kong climbed 1.78 percentto 119.9 HK dollars. Henderson Land increased 1.91 percent to 58. 65 HK dollars. Hang Lung added 1.52 percent to 30 HK dollars. SinoLand jumped 3.85 percent to 18.2 HK dollars. New World Developmentrose 1.92 percent to 20.2 HK dollars.

Hong Kong Exchanges and Clearing Limited, the market's sole operator, rose 3.92 percent to 148.5 HK dollars.

China Enterprise Index, or H-shares, which was composed of 43 companies registered on the Chinese mainland, went up 330.22 points, or 2.58 percent, to close at 13,137.57.

All of China's oil companies listed in Hong Kong were stronger. PetroChina, the country's largest oil producer, rose 2.35 percent to 10.44 HK dollars. Sinopec, Asia's largest refiner, gained 3.03 percent to 7.47 HK dollars. CNOOC, China's largest offshore oil company, moved up 2.69 percent to 12.22 HK dollars.

China's banking and insurance stocks listed in Hong Kong all rose. ICBC, China's largest lender, rallied 1.21 percent to 5.88 HK dollars. Bank of China, the country's second largest bank, added 1.13 percent to 3.57 HK dollars. China Construction Bank, the third largest bank in the Chinese mainland, gained 3.33 percent to 6.52 HK dollars. China Life, the country's largest lifeinsurer, jumped 4.23 percent to 29.6 HK dollars. Ping An surged 7.41 percent to 63.05 HK dollars. Bank of Communications went up 2. 03 percent to 10.06 HK dollars. China Merchants Bank shot up 3.63 percent to 29.95 HK dollars. (7.8 HK dollars = 1 U.S. dollars)