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Asia: Hong Kong settles higher

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Date: Tuesday 06 May 2008

LONDON (ShareCast) - Hong Kong’s benchmark Hang Seng index managed to overcome an initial decline however trading was thin on the ground Tuesday.

Japanese markets are closed Tuesday for a public holiday.

The Hang Seng closed up 78 points at 26,262.

Oil stocks came under pressure as prices hit another record high as the dollar weakened. Crude oil for June delivery yesterday rose to an intraday high of $120.36 a barrel in New York on Monday.

PetroChina was hit by a broker downgrade. Goldman Sachs downgraded the stock to "sell" from "buy" citing concern about widening refining losses of over 100 bn yuan amid soaring oil prices.

Sinopec was also among the decliners but CNOOC advanced.

Airlines headed lower on concern about sky-high oil prices. Cathay Pacific Airways, China Eastern and China Southern all declined.

Banking giant HSBC fell on profit taking.

China Mobile was in demand after its recent quarterly earnings report. The phone giant was boosted by news of a restructuring of the telecom industry.