Hong Kong's benchmark Hang Seng Index end up Tuesday on bargain hunting and gains, following the tumble of over 1,000 points Monday.

 

The blue-chip Hang Seng Index went up 137.62 points, or 0.5 percent, to close at 27,803.35, after fluctuating between 26,952.94 and 28,010.97 during the session.

 

Three of the four major categories gained ground. The Property rose 2.34 percent, following by the Utilities at 0.68 percent and the Finance at 0.52 percent. The Commerce and Industry edged down 0.06 percent.

 

Sun Hung Kai Properties rose 3.3 percent to 149.80 HK dollars, while New World Development was up 6.1 percent at 30.30 HK dollars. Henderson Land rose 2.3 percent to 69.20 HK dollars.

 

Yue Yuen Industrial was the biggest blue-chip gainer, soaring 7 percent to 26.80 HK dollars after DBS Vickers upgraded it to buy from fully valued with a new target price of 29.90 HK dollars.

 

On Chinese telecom stocks front, China Mobile was down 0.39 cent, Netcom down 2.4 percent, China Unicom down 0.83 percent, and China Telecom up 4.93 percent.

 

PetroChina, China Shenhua and China Overseas to be included into blue chips together on December 10 slipped comprehensively but narrowed their losses in the afternoon, down 1.74 percent, 1.81 percent and 2.79 percent respectively.

 

On the three insurers side, China Life, Ping An and PICC P&C rallied 0.94 percent to 3.24 percent.

 

Renewable energy firm GCL-Poly Energy surged 10.2 percent to 4. 52 HK dollars on its debut from its IPO price of 4.10 HK dollars, while mainland property developer Zhongan Real Estate Development rose 0.6 percent to 6.71 HK dollars on its first day of trading.

 

(Xinhua News Agency November 14, 2007)