Markets in Asia continued to rise Monday, with Hong Kong and Korea both surging into record territory. The Hang Seng soared 1,181 points, or 3.89%, to 31,586, while the Korean Kospi closed up 35 points, or 1.72%, to 2,062.92. In China, the Shanghai Composite Index advanced 158 points, or 2.83%, to 5,748. "The market is strong partly because of U.S. markets. We're all expecting a lower interest rate this week," says Conita Hung, head of equities for Delta Financial in Hong Kong. In Hong Kong, telecoms led the big gains after China Unicom's ( CHU) announcement on Friday that the company increased its profit in the first nine months of the year to 5.11 billion yuan, or $684 million, from 4.19 billion yuan, or $560 million a year earlier. Shares in China Unicom rose 8% to a 52-week high of HK$18.38. China Mobile ( CHL) gained 3.05% to HK$158.90, while China Netcom ( CN) jumped 4.71% to HK$24.45 and China Telecom ( CHA) rose 5.6% to HK$6.79. Shares in China Life Insurance ( LFC) also staged a rally to record highs, rising 1.07% to HK$52 in Hong Kong and 6.72% to 75.08 yuan in Shanghai. On the mainland, that gives China Life Insurance a market value of 2.12 trillion yuan, or $284 billion, making it larger than AT&T ( T) and giving China now five of the 10 largest companies in the world.