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 - Cramer on SUHJY - Stock Picks) 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 - Cramer on SWRAY - Stock Picks) gained 2.8%, to HK$103.30, and Hang Lung Properties(HLPPY Quote - Cramer on HLPPY - Stock Picks) inched 1.8% higher, to HK$33.60.

Hong Kong telecoms were still mixed, however, as China Unicom(CHU Quote - Cramer on CHU - Stock Picks) surged 4.8%, to HK$16.76, while rival China Netcom(CN Quote - Cramer on CN - Stock Picks) dipped 0.9%, to HK$23.10. China Telecom(CHA Quote - Cramer on CHA - Stock Picks) also fell, by 0.17%, to HK$5.79, but market leader China Mobile(CHL Quote - Cramer on CHL - Stock Picks) 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 - Cramer on PTR - Stock Picks) 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 - Cramer on ACH - Stock Picks) jumped 3.4%, to 38.98 yuan, while China Eastern Airlines(CEA Quote - Cramer on CEA - Stock Picks) climbed 2.2%, to 18.73 yuan, despite rumors that national carrier Air China(AIRYY Quote - Cramer on AIRYY - Stock Picks), which owns a major stake, reportedly rejected a proposed part-sale to Singapore Airlines and Temasek.

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