Development Stocks Lead Hang Seng Higher

Shares in Hong Kong surged to a record as development stocks, which helped the overall market to advance yesterday, paced gains again on the session. Leading the way was stock in Henderson Land Development Co. The company?s shares surged after it was revealed that home sales were the highest in almost two years according to government reports. Henderson Land jumped HK$3.45 or 6.8 percent to HK$54.05, the highest in over nine years. Subsequently, stock in Cheung Kong Ltd. also advanced, adding 2.9 percent to HK$109.50 while PetroChina stock also helped to fuel the optimism on the day on its discover, rising 14 percent to HK$10.16. Ultimately, the Hang Seng index was able to add 159.50 points on the advancers, closing ahead of the weekend at 20,841.08.