HK stocks rose on impending Shanghai-HK Stock Connect

Hong Kong stocks with high margins against their A-share counterparts soared Monday as Li Xiaojia, CEO of Hong Kong Exchanges and Clearing Limited (HKEx), said the work for Shanghai-Hong Kong Stock Connect has been running smoothly and the related brokers have got ready.

The shares rose 113.22 points, or 0.49 percent, to close on Monday at 23,346.67 points. The benchmark Hang Seng Index traded between 23,459.48 and 23,273.41. Turnover totaled 47.73 billion HK dollars (6.16 billion U.S. dollars).

Li said Monday at a luncheon of the Canadian Chamber of Commerce that the HKEx and Shanghai Exchange have carried out the drill.

Zhejiang Shibao soared 9.9 percent to 10.66 HK dollars. HL Technology surged 10.6 percent to 4.29 HK dollars, after hitting a 6-year high. Chongqing Iron rose 7.6 percent to 1.7 HK dollars.

Chinese telecom companies were supported by news of the Tower Company establishment.China Mobile opened 0.7 percent higher before the gain was extended to 2 percent at the close to 78.1 HK dollars. China Unicom gained 3 percent to 12.66 HK dollars, pushing the high of May. China Telecom was up 2.6 percent to 4 HK dollars.

On bullish expectations of Haitong Securities and Standard Chartered, China Communications Services Corporation Ltd. rose 6.6 percent to 3.87 HK dollars, hitting a four-month high.

Analysts expect the market to continue rally as local monetary authority pumped more funds into the banking system and the World Cup in Brazil, which attracted a large number of audience,has ended.