HK stocks rise for 6th straight day

Special
Report: Global Financial Crisis

HONG KONG, May 7 (Xinhua) -- Gains in HSBC, China Construction Bank and
other lenders more than offset profit-taking in property developers to lead Hong
Kong shares to their sixth consecutive higher close Thursday.

The benchmark Hang Seng Index rose 383.32 points, or 2.3 percent, to
17,217.89, a seven-month closing high. It traded between 16,880 and 17,327.52
during the session.

Turnover rose to 95.21 billion HK dollars (12.30 billion U.S. dollars) from
Wednesday's 80.40 billion HK dollars (10.39 billion U.S. dollars).

Traders said the market's upward momentum remains strong, but many expect a
pullback soon because it appears to be overbought.

Index heavyweight HSBC gained 5.6 percent to 65.05 HK dollars, as investors
don't expect any bad news from the U.S. stress test results.

Bank of East Asia surged 10.4 percent to 24.90 HK dollars.

China Construction Bank rose 5.1 percent to 4.99 HK dollars after Ming Pao
Daily reported China Investment Corp., China's 200 billion U.S. dollars
sovereign-wealth fund, has agreed to buy most of the shares likely to be sold by
Bank of America.

Hong Kong dry bulk shippers jumped after the Baltic Dry Index rose 8.9
percent to 2,065 Wednesday, its highest closing level since mid-March.

China Cosco jumped 7.4 percent to 8.38 HK dollars and Pacific Basin rose
3.6 percent to 4.83 HK dollars.

Bourse operator Hong Kong Exchanges and Clearing rose 6.5 percent to 112.90
HK dollars, spurred by abundant liquidity.

The property sub-index has risen 29 percent since Dec. 31 through
Thursday's close, outperforming a nearly 20 percent rally in the Hang Seng Index
over the same period.

Cheung Kong fell 1 percent to 87.70 HK dollars while Wharf dropped 3
percent to 27.95 HK dollars.

The finance sub-index went up 997.16 points or 4.05 percent to 25,640.04.

The properties sub-index fell 41.20 points or 0.19 percent at 21,862.69.

The commerce and industry sub-index went up 88.77 points or 0.95 percent to
9,398.65.

The utilities sub-index fell 573.56 points or 1.60 percent at 35,351.08.
(7.742 HK dollars = 1 U.S. dollar)