HK stocks rise on 5th consecutive session

Special
Report: Global Financial Crisis

HONG KONG, May 6 (Xinhua) -- Gains in HSBC and other financial firms on
hopes for improvement in the sector's earnings drove Hong Kong shares to a
seven-month high Wednesday, the fifth consecutive session the benchmark index
has closed higher.

The benchmark Hang Seng Index rose 404.49 points, or 2.5 percent, to
16,834.57, off a low of 16,268.03 in the morning session. The last time the
index ended above Wednesday's level was on Oct. 3 last year, when it closed at
17,682.

Turnover rose to 80.40 billion HK dollars (10.39 billion U.S. dollars) from
Tuesday's 77.79 billion HK dollars (10.05 billion U.S. dollars).

Analysts had expected a consolidation after the 15 percent surge over the
past week. They said Wednesday the market has been extremely overbought and a
pullback is still imminent, with initial support at 13,800 to 14,000 points, and
warned of further declines given uncertainties over the U.S. economy.

HSBC led the day's blue-chip gains, rising 6.3 percent to 61.60HK dollars,
contributing 194.24 points to the Hang Seng Index's rise.

Among other local lenders, Hang Seng Bank jumped 10 percent to 98.85 HK
dollars and Bank of East Asia surged 6.1 percent to 22.55 HK dollars.

The finance sub-index went up 878.13 points or 3.70 percent to 24,642.88.

The properties sub-index rose 55.69 points or 0.25 percent at 21,903.89.

The commerce and industry sub-index went up 146.70 points or 1.60 percent
to 9,309.88.

The utilities sub-index rose 218.42 points or 0.61 percent at 35,924.64.
(7.7425 HK dollars = 1 U.S. dollar)