Hong Kong stocks extend rally; HSI regains 20,000
LOS ANGELES (MarketWatch) -- Hong Kong stocks maintained their upward climb, boosted by sharp overnight gains in the U.S. and Europe, as well as improved U.S. economic growth, with the Hang Seng Index rising 3% to 20,272.38, regaining the 20,000 level for the first time in more than a month. The Hang Seng China Enterprises Index added 3.6%, while the Shanghai Composite rose 1.7%. Banks added to gains, with Agricultural Bank of China Ltd. rising 7.6%, HSBC Holdings PLC up 3.7%, and Industrial & Commercial Bank of China Ltd. ahead by 4.1% after posting a 27% increase in third-quarter profit, thanks to wider margins and higher income from fees. Resource saw even larger advances, with Aluminum Corp. of China Ltd. up 7.5%, Jiangxi Copper Co. gaining 5.9%, and Angang Steel Co. climbing 7.3%. Likewise, exporters and global-trade-related shares pushed upward, with Esprit Holdings Ltd. improving by 7.5%, Lenovo Group Ltd. ahead by 3.8%, and ports operator Cosco Pacific Ltd. adding 7.2%.