The benchmark Hang Seng Index closed at a new record for the second straight day Thursday, propelled by gains of the blue-chip property shares on expectations of an interests rate cut by the US Federal Reserve next week.

The blue-chip Hang Seng Index rose 226.88 points, or 0.93 percent, to close at 24,537.02 after trading between 24,216.41 and the intraday record high of 24,552.18 during the session. The total turnover increased to 109.21 billion HK dollars (US$14.04 billion) from 97.5 billion HK dollars (US$12.5 billion) Wednesday.

All the four major categories gained ground, with the Properties advancing most at 2.89 percent, followed by the Commerce and Industry at 1.29 percent, the Finance at 0.27 percent and the Utilies at 0.07 percent.

Henderson Land rose 4 percent to 61.25 HK dollars, and Sino Land ended up 4.2 percent to 20.65 HK dollars while Wharf Holdings gained 6.9 percent to 38.50 HK dollars. Sun Hung Kai Properties rose 2.3 percent to 119.40 HK dollars ahead of its results announcement. A US Federal Reserve policy meeting is scheduled for Sept. 18, when market observers widely expect it to lower rates for the first time since June 2003.

Two shares weighed on the 0.09 percent decrease of Hang Seng China Enterprises Index.

PetroChina narrowed its drop 0.4 percent at 11.32 HK dollars, after Warren Buffett's Berkshire Hathaway trimmed its stake in China's largest listed oil and gas producer but oil price set a new high.

Chalco dived 8.5 percent to finish at 18.66 HK dollars, after Alcoa sold its entire 8 percent stake in the world's second-largest alumina producer.

China Mobile went up 1.95 percent, while China Unicom down 0.14 percent, Netcom down 0.33 percent, and China Telecom down 1.8 percent.

On the Chinese mainland's banks side, CCB slightly climbed 0.59 percent on the estimations that its A shares would go public on September 25, while ICBC and Bank of China remained unchanged and CITIC Bank fell 1.04 percent.

On the three insurers side, China Life ended flat, Ping An rallied 0.87 percent, and PICC P&C lifted 5.03 percent as its income in life insurance was expected to double in the next year.

On the Chinese mainland's property stocks side, Coastal GL surged 28.83 percent while Guangzhou Inv pulled up 11.59 percent.

(Xinhua News Agency September 14, 2007)