Hong Kong share prices closed 1.24 percent higher on Monday led by Hutchison Whampoa and Cheung Kong on talk they may sell their holding in Husky Energy of Canada, dealers said. They said there was also support coming through from the settlement Monday of the Hang Seng November futures contracts.
The key Hang Seng Index closed up 171.88 points to 14,066.91, off a high of 14,111.32 on turnover of 19.35 billion Hong Kong dollars (2.5 billion US dollars).
Many China-related stocks, especially commodities, also rose with the Hang Seng China Enterprises Index up 35.83 points or 0.73 percent at 4,970.22.
Hutchison Whampoa rose 3.00 at 69.00 dollars while Cheung Kong gained 1.75 to 74.75.
"Buying of HSBC was also active because of investors' expectations that the group will complete its stake purchase in Korea First Bank," he said.
HSBC gained 1.50 at 132.00 but unit Hang Seng Bank closed flat at 109.00.
Bank of East Asia lost 0.05 at 24.50 while BOC Hong Kong was up 0.05 at 14.60. Gains in China-related shares were led by commodity-based stocks.
Angang New Steel rose 0.20 at 4.05, Chalco gained 0.025 at 5.00 and Jilin Chemical was up 0.025 to 2.67.
"With the continuing weakness of the US dollar, investors are turning to commodities and they are providing much support to China-related commodity stocks," Tang said.
Sun Hung Kai Properties was up 0.50 at 79.00. Among telecom stocks, PCCW was unchanged at 4.85 and China Mobile rose 0.40 at 25.40.
China Unicom was up 0.15 at 6.10 with China Telecom unchanged at 2.90.
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