Hong Kong's Hang Seng Index Extends Record; Banks, Cnooc Gain

Hong Kong's stocks rose, leaving the Hang Seng Index set for a fourth straight record close. China Construction Bank Corp. led mainland lenders higher on speculation the nation's economic boom will spur borrowing.

China Eastern Airlines Corp., the nation's third-largest carrier, climbed after profit almost doubled in the last quarter.

``The blue chips have been announcing results that are beating estimates, which is supporting the market,'' said Chris Tang, chief investment officer of Marco Polo Pure Asset Management in Hong Kong, which manages $200 million in assets.

Cnooc Ltd. climbed after crude oil yesterday topped $93 a barrel in New York. Sun Hung Kai Properties Ltd. paced declines among the city's property developers, the market's best performers of the past week, after it announced plans to sell new shares.

The Hang Seng Index added 44.97, or 0.1 percent, to 31,631.87 as of 2:56 p.m. in Hong Kong, after yesterday closing above 31,000 for the first time. The gauge has surged 55 percent since the start of trading on Aug. 20, when China said it would allow some citizens to invest directly in the city's stocks.

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