Hang Seng hits record high
27 October 2006
The Hang Seng Index hit an all-time high Thursday as Hong Kong prepared for Industrial and Commercial Bank of China (ICBC) to begin trading Friday in the world's largest initial public offering, the South China Morning Post reported. The benchmark index closed 1.1% higher at 18,353.74 on turnover of US$4.28 billion, beating the record of 18,301.69 set in March 2000. Mainland firms including China Mobile and CNOOC led the charge. The index came within 19 points of its all-time intraday high. ICBC shares rose as much as 18% shortly after the Hong Kong market opened Friday, in line with expectations after its stock sale generated huge investor demand.