HONG KONG (XFN-ASIA) - Share prices finished the morning session at record highs as Industrial and Commercial Bank of China made a strong debut in heavy trade, dealers said.
Gains in index heavyweights China Mobile and HSBC, and another record finish on Wall Street overnight provided additional support, they said.
The Hang Seng Index ended the morning up 92.72 points or 0.51 pct at an all-time high of 18,446.46, after trading to a low of 18,371.89 and high of 18,465.54.
The index's previous all-time high was 18,397, hit on March 28, 2000.
Turnover was 45.36 bln hkd.
ICBC ended the morning at 3.55 hkd, 15.6 pct above the IPO price of 3.07 hkd. It opened trade at 3.60.
The stock's performance so far has been in line with market expectations, with analysts having forecast gains of 10-20 pct on the first day of trading.
ICBC was the heaviest traded counter with volume of about 7.52 bln shares worth 26.55 bln hkd, accounting for more than half of total market turnover in the morning session.
jun.concepcion@xfn.com
jc/rc
© 2006 AFX News
