HK stocks close flat, H-shares post sharp gains

HK stocks close flat, H-shares post sharp gains
( 2001-06-04 17:16) (7)

Hong Kong blue chips ended marginally higher Monday, but China-linked stocks soared on further liberalisation of mainland markets and higher oil prices.

The H-share index of Chinese-incorporated companies listed in Hong Kong surged 7.4 percent to 590.15 points, cruising above the overbought level at almost 82 points on the 14-day relative strength index.

The red chip index climbed 4.64 percent to 1,332.02 points.

The benchmark Hang Seng index however, was mired in sluggish trade, closing up 0.5 percent, or 66.11 points, to 13,207.49.

Turnover stood at HK$11.88 billion (US$1.52 billion) with gainers outnumbering losers 359 to 152, and 237 stocks unchanged.

Oil companies posted sharp gains following news of Iraq's decision to stop oil sales, amounting to nearly five percent of world exports, which sent crude futures prices sharply higher.

Sinopec and PetroChina were among the most actively traded stocks, reaping gains of 5.1 percent to HK$1.65 and 3.37 percent to HK$1.84, respectively.