Asia Rallies Ahead of Holiday

Hong Kong real estate developers also got a boost in Friday's trading, on the back of news that Sun Hung Kai Properties'(SUHJY Quote) Harbour Place, which opened last night, has already sold around 600 of an estimated 1,000 units. Property prices in Hong Kong have surged 20% in 2007, and most analysts forecast growth of 25% next year.

Sun Hung Kai surged 4.23%, to HK$160.20, while Cheung Kong rose 4.5%, to HK$140.60, Swire Pacific(SWRAY Quote) gained 2.8%, to HK$103.30, and Hang Lung Properties(HLPPY Quote) inched 1.8% higher, to HK$33.60.

Hong Kong telecoms were still mixed, however, as China Unicom(CHU Quote) surged 4.8%, to HK$16.76, while rival China Netcom(CN Quote) dipped 0.9%, to HK$23.10. China Telecom(CHA Quote) also fell, by 0.17%, to HK$5.79, but market leader China Mobile(CHL Quote) gained 2.2%, to HK$137.80.

Following a similar trend set on Sept. 14, when the People's Bank of China last raised interest rates, Shanghai shares shrugged off Thursday's continuation of tightening monetary policy. Among the big-name gainers, PetroChina(PTR Quote) locked in 0.13% gains for the day, to 30.54 yuan, after falling as much as 1% in noon trading. The stock is still 37.5% below its debut price of 48 yuan, however, and some market participants see PetroChina as one of the few undervalued stocks in China right now.

Aluminum Corp. of China(ACH Quote) jumped 3.4%, to 38.98 yuan, while China Eastern Airlines(CEA Quote) climbed 2.2%, to 18.73 yuan, despite rumors that national carrier Air China(AIRYY Quote), which owns a major stake, reportedly rejected a proposed part-sale to Singapore Airlines and Temasek.