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Hong Kong shares open higher, rallies on Wall Street gains



By Eason Sun
02 December 2008 @ 09:57 pm ET

Hong Kong - Hong Kong shares bounced back from the red on Wednesday and opened higher, tracking overnight Wall Street gains.

Shares of HSBC and Sinopec outperformed the benchmark index.

The Hong Kong benchmark index opened up 192.75 points or 1.44 percent at 13598.60 points, while Hang Seng China Enterprises Index which tracks the Hong Kong-listed shares of Chinese companies rose 140.47 or 2.01 percent at 7142.88 points.

Heavyweight HSBC (0005.HK) rallied 1.27 percent to HK$80.0 ($10.3).

China's largest refiner Sinopec (0386.HK) surged 4.01 percent in morning session, on expected profits earned from lower crude prices.

Shares of CITIC Pacific (0267.HK) fell 2.5 percent after the company said it would seek shareholders' approval on its $1.5 billion bailout plan. Its shares resumed trading today.

Heavyweight China Mobile gained 1.85 percent at HK$71.6.

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