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HONG KONG, Jan 25, 2008 (AFP) - Hong Kong share prices rose sharply Friday, up 5.3 percent in morning trade, as investors took their lead from Wall Street?s rebound buoyed by a recession-avoiding stimulus package, dealers said.
The Hang Seng index ended the morning up 1,254.25 at 24,793.52, off a low of 24,483.93 and a high of 24,923.29. Turnover was 66.34 billion Hong Kong (8.50 billion US).
Large-caps HSBC, China Mobile and China Life tracked gains in their American depositary receipts, while Hong Kong Exchanges and Clearing extended Thursday?s advance after market turnover improved in recent sessions.
Oil, gold and other metals stocks surged after commodity prices rose as next week?s Federal Reserve meeting is expected to deliver another interest rate cut and pressure the US dollar further.
Bank of Communications was up nearly 11.3 percent after Morgan Stanley upgraded its rating on the stock to 'overweight' from 'equal-weight.'
Among other stocks in focus, PC maker Lenovo surged nearly 11.4 percent after Microsoft announced forecast-beating fiscal second-quarter results.
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