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Banking results add fire to index

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HONG KONG stocks made healthy gains over the past week, buoyed by a rally in US shares and strong interim results from two of the territory's leading banks.

HSBC and Hang Seng Bank reported their first-half earnings on Monday and the better than expected results gave the market a boost.

Red chips also stood out, capturing the attention of the market after the launch of a basket of red-chip warrants.

The benchmark Hang Seng Index gained 142.06 points, or 1.29 per cent, over the week to close at 11,104.03.

Average daily turnover rose to $4.77 billion from $3.45 billion the previous week.

'The strength is all in the banks,' said Howard Gorges, South China Brokerage director.

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