(Xinhua)
Updated: 2007-09-24 22:45

HONG KONG -- Hong Kong shares on Monday surged to a new high at the opening and end up above 26,000, setting another record for the fourth successive day.

The Hang Seng Index rose 708.16 points, or 2.7 percent, to 26,551.94, a new record close, after trading between 25,994.78 and an intraday record of 26,635.27.

Turnover reached its highest-ever level of 140 billion Hong Kong dollars, up sharply from 132.28 billion Hong Kong dollars on last Friday.

Blue chips jumped amid robust fund flows, while sharp gains in China Mobile and bourse operator Hong Kong Exchanges, and the Chinese mainland resource counters gained on the back of rising oil and gold prices. The gains were mainly fueled by fund flows ahead of an anticipated influx of liquidity from the mainland, with the central government expected to allow mainland residents to buy Hong Kong-listed shares directly for the first time soon.

The China Enterprises Index of H-shares also soared to a record close, gaining 712 to 16,406.

Analysts here said that the market will likely rise further on the Chinese mainland investment speculation, while several initial public offerings this week will help draw more funds into Hong Kong.

Hong Kong Exchanges was the biggest blue-chip gainer, soaring 8.8 percent to a record close of 238.4 Hong Kong dollars, having hit a record high intraday of 248.4 Hong Kong dollars, on the China investment inflow speculation.

China Mobile, Hong Kong's biggest blue chip by market capitalization, rose 5.8 percent to a record 118.1 Hong Kong dollars, while offshore oil producer CNOOC advanced 8.2 percent to 12.92 Hong Kong dollars on expectation.

Hong Kong's second-biggest firm by market cap, HSBC, ended up 1.2 percent at 143.3 Hong Kong dollars, buoyed by news it will stop making supreme mortgages through brokers in the US and will focus on lending directly to consumers.

Cathay Pacific was suspended from trading Monday, pending an announcement regarding a "proposed transaction."

The finance sub-index surged 1,016.95 points or 2.57 percent to 40,583.61.

The properties sub-index surged 800.73 points or 2.57 percent at 31,916.71.

The commerce and industry sub-index went up 486.91 points or 3.30 percent to 15,232.51.

The utilities sub-index fell 50.91 points or 0.14 percent at 36,719.79.