Hong Kong shares gained for a second day

Hong Kong shares gained for a second day to oil-related stocks rose after China raised prices of petrol and diesel, and U.S. retail sales rose last week, fueling optimism of economic recovery is underway.

China Petroleum & Chemical Corp., the nation's largest oil refiner, advanced 3.2 percent. Techtronic Industries Co., maker of Hoover vacuum cleaners and Ryobi power tools, rose 5.8 percent. Cheung Kong (Holdings) Ltd., Hong Kong No. 2 development by market value, rose 3.5 percent after the Hong Kong Economic Times said the company plans to Chairman Li Ka-shing to build trust firm's real estate investment.

The Hang Seng index rose 0.6 percent to 23,135.72 as of 12:07 pm local time. The Hang Seng China Enterprise Index called H shares of Chinese companies gained 0.7 percent to 12,691.04.

"H Shares are the best investment haven," said Liu Yang, president of Atlantis Investment Management Ltd., on Television. "I expect a better, brighter on the market that investors can make good money in the second half of next year, when the grounds become a reality to be recognized by the real long-term investors."

The Hang Seng index has rebounded 22 percent lower this year on May 25 on speculation that growth in income of companies to overcome concerns about the pace of U.S. economic recovery and China's measures to curb rising property prices. Participation in the trade of arms in an estimated average of 14.5 times earnings, compared with 12.7 times on 25 May.

Gas prices

China Petroleum, or Sinopec, rose 3.2 percent to HK $ 7.45, the third largest gain in the Hang Seng index. PetroChina Co., the largest oil refinery second largest, rose 0.9 percent to HK $ 10.

China raised prices of petrol and diesel today. The price of petrol will increase by up to 4 percent to 310 yuan (47 dollars) per ton and diesel by 300 yuan per ton, the National Development and Reform Commission, said.

Techtronic rose 5.8 percent to HK $ 10.62. Yue Yuen Industrial Holdings Ltd., which makes shoes for Nike Inc., rose 0.4 percent to $ 27.70 in Hong Kong.

Same-store sales at selected U.S. retailers last week posted the biggest jump this holiday season, increasing 4.2 percent as buyers completed the purchase of the gift, according to a survey released yesterday retailers.

Cheung Kong rose 3.5 percent to $ 120.40 in Hong Kong, the biggest gain in the Hang Seng index. The real estate trust investment is planning a share sale to raise over 10 billion yuan next year in the first yuan-denominated city of Hong Kong initial public offering, the Economic Times report said.

All but 11 stocks advanced among the 45 components of the Hang Seng index. His future was up 0.9 percent to 23,171.