HONG KONG, May 16 (Xinhua) -- Hong Kong stocks opened at positive territory and kept the rally toward closing on Friday by rebounding 0.41 percent to close at 25,618.86.
The benchmark Hang Seng Index went up 151.93 points, or 0.59 percent, to open at 25,665.64 and fluctuated between intra-day high 25,748.33 and intra-day low 25,533.6 before adding 105.15 points, or 0.41 percent, to close at 25,618.86.
Turnover fell slightly to 79.65 billion HK dollars (10.21 billion U.S. dollars) from Thursday's 80.16 billion HK dollars (10. 27 billion U.S. dollars).
Market heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, bounced 0.45 percent to 135.4 HK dollars.
China Mobile, the largest mobile phone operator in the country and the market's largest stock measured by capitalization, gained 1.36 percent to 133.9 HK dollars.
Energy companies were all higher. PetroChina, the country's largest oil producer which lagged behind the index during the past weeks, jumped 3.41 percent, to 11.52 HK dollars. Sinopec, Asia's largest refiner, advanced 3.09 percent to 7.67 HK dollars. China's largest offshore oil producer CNOOC edged up 0.13 percent to 14.9 HK dollars following days rally.
Most of Hong Kong's property companies were higher. Cheung Kong, one of the biggest housing companies controlled by tycoon Li Ka- shing, went up 3.3 percent to 128.4 HK dollars. New World Development rose 1.25 percent to 20.25 HK dollars. Sino Land rose 0.97 percent to 20.85 HK dollars. Hang Lung rallied 2.46 percent to 31.2 HK dollars.
Sun Hung Kai Properties, the largest house developer in Hong Kong controlled by the Kwok's family, lost 1.6 percent to 133.8 HK dollars after its chairman and chief executive Walter Kwok filed a complaint with Hong Kong's high court Thursday stopping what he called an attempt by his two younger brothers Thomas and Raymond to oust him. Henderson Land edged down 0.26 percent to 57.8 HK dollars.
Hong Kong Exchanges and Clearing Limited, the market's sole operator, weakened 0.4 percent to 149.6 HK dollars after Credit Suisse cut its target price from 158 HK dollars to 150 HK dollars due to the shrinking market turnover.
China Enterprise Index, or H-shares, which was composed of 43 companies registered on the Chinese mainland, rose 158.43 points, or 1.13 percent, to close at 14,185.98.
China's banks and insurers listed in Hong Kong were mixed though Merrill Lynch said it remained positive for next 12 months as their assets quality continued to improve. Heavily traded ICBC,China's largest lender, picked up 0.49 percent to 6.1 HK dollars. China Life, the country's largest life insurer, bounced 0.61 percent to 33.05 HK dollars. Bank of China, the country's second largest bank, added 0.49 percent to 4.08 HK dollars.
China Construction Bank, the third largest bank in China, lost 2.49 percent to 7.05 HK dollars as investors took profits after days of rallying. Ping An edged down 0.07 percent to 70.55 HK dollars. PICC P&C, which may face massive claims due to the deadly earthquake in southwest China's Sichuan Province, fell 1.43 percent to 6.91 HK dollars.
China Merchants Bank was unchanged at 31.05 HK dollars. Bank of Communications stood still at 10.8 HK dollars. (7.8 HK dollars = 1 U.S. dollars)
