Hong Kong's stock market soared to a record Thursday, fueled by futures-led demand and robust gains in Chinese telecommunications operators China Mobile and China Netcom, according to AP. The blue chip Hang Seng Index rose 634.86 points, or 2.4 percent, to 27,065.15. Financial markets in Hong Kong were closed Wednesday for the Mid-Autumn Festival public holiday. The benchmark index has risen over 35 percent since the beginning of the year. Analysts said the bull market will likely continue on the flush liquidity expected to be channeled to the local equities market from various investment programs to be set up in mainland China in the near term. «I don't think investors should stay on the sidelines despite huge accumulated gains,» DBS Vickers strategist Peter So said. China telecommunications firms had the strongest gains on Thursday. China Mobile rose 6.52 percent to HK$129 as fund managers snapped up the stock to take advantage of the market rally. «As China Mobile is the largest cap blue chip, it is the must-buy stock for funds to prevent themselves from underperforming the benchmark Hang Seng index,» China Everbright Securities analyst Wong Chi-man said. China Netcom, the smaller of the country's two fixed-line operators, rose 6.12 percent to HK$20.65 on hopes that restructuring in mainland China's telecommunications industry will give the company access to the mobile phone market. Banking giant HSBC rose 0.9 percent to HK$143.4 on news it will set up an insurance joint venture in China with Chinese trust and investment company National Trust Ltd. Hong Kong Exchanges & Clearing rose 1.46 percent to HK$236 after the Times of London said China's US$200 billion investment fund might have taken a stake in the local bourse operator. Turnover totaled HK$147 billion (US$18.95 billion; euro 13.39 billion), up from HK$129.18 billion Tuesday.
