Hong Kong stocks move up on Friday

Hang Seng Index, the benchmark of Hong Kong Stock Exchange (HKEx), rebounded 632.41 points or 2.35% at 27,519.69 points, with an intraday high of 27,596.85 points on Friday.

Its turnover was HK$99.84 billion. Hang Seng China Enterprise Index, which tracks H-shares, gained 438.74 points or 2.84%, at 15,903.40 points. The rise was led by the mounting price for oil and gold worldwide recently.

However, in the first trading week after the New Year's Day holiday, Hang Seng index, comparing that of the last trading day before the holiday, fell by 293 points, and the Hang Seng China Enterprise Index fell by 222 points.

Crude oil price has jumped over US$100 a barrel last week. Many investment banks have raised their ratings on resource companies. The Australian financial institution, Macquarie Bank, has raised its ratings toward PetroChina<601857><857>, Sinopec<600028> <386> and CNOOC<883>, considering the expected improvement in the coming one or two years on refinery business for these companies. PetroChina, the world's largest company by market capitalization, moved upward by 7.42%. Sinopec rose by 5.05%, and CNOOC moved up by 5.64%.

Stocks on gold are rising largely. Zijin Mining Group Co. Ltd.<2899> raised 7.177%, Zhaojin Mining Industry Company Ltd.<1818> moved up by 8.526% and Lingbao Gold Company Limited <3330> moved up 20.08% last week due to the soaring price of gold.

For banking industry, China Mobile <941> was up HK$3.0 at HK$135.7. HSBC<5>moved up by HK$0.6 at HK$130.1. China Construction Bank<601939><939> was up HK$0.06, at HK$6.21.

Tsingtao Brewery<600600> <168> announced to acquire 23.9% stake of Tsingtao Brewery Xi'an Hans Company with a consideration of RMB 171 million. Upon completion, Tsingtao Brewery Xi'an Hans Company will become a wholly-owned subsidiary of Tsingtao Brewery. Management believes that the acquisition will help simplify the shareholding structure and further enhance its operating efficiency. Tsingtao Brewery surged HK$2.9 or 9.90%, at HK$32.2.

Insiders believe that due to the slump for U.S. stock market on Friday, Hong Kong Stock Market may fall in the coming future.