Hong Kong stocks close 2.73% higher

Hong Kong stocks ended 2.73 percent higher on Monday, with the benchmark Hang Seng index rising 627.91 points to end at 23,660.06 points, after trading between 23,390.66 and 23,706.68. Turnover totaled 112.08 billion HK dollars (about 14.44 billion U.S. dollars). The Hang Seng China Enterprises Index rose 604.63 points, or 5. 65 percent, to close at 11,307.33. Four sub-indices all gained ground, with the Commerce and Industry sub-index rising the most by 2.98 percent, followed by the Finance 2.87 percent, the Properties 1.81 percent and the Utility 1.10 percent. Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, rose 0.8 percent to 86.25 HK dollars, while its local unit Hang Seng Bank closed 0.4 percent higher at 125.50 HK dollars. Bank of East Asia, another Hong Kong's major bank, closed up 1.5 percent at 34.25 HK dollars. Local bourse operator HKEX climbed 4.6 percent to 130.90 HK dollars. Local developers Hang Lung Properties was up 4.43 percent at 26. 50 HK dollars. Henderson Land, another major developer in Hong Kong, increased 1.3 percent to 46.05 HK dollars, and Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, advanced 2.5 percent to 124.10 HK dollars. As for mainland-based financial stocks, China Construction Bank, the country's second largest bank which accounts for the third largest weighting of the Hang Seng Index, gained 3.9 percent to 6. 20 HK dollars. ICBC, the world's largest bank by market value, increased 3.8 percent at 5.53 HK dollars. Bank of China added 3.6 percent at 3.72 HK dollars. Bank of Communications, China's fifth biggest lender measured by assets, went up 5.5 percent to 5.80 HK dollars. PetroChina, the country's largest oil and gas producer, was up 4.9 percent at 9.26 HK dollars. (1 U.S. dollar equals 7.761 HK dollars)