Hong Kong stocks marched higher on Monday trading action, in line with the direction of U.S. stock futures after previous U.S. Treasury Secretary Larry Summers withdrew from consideration to become the next Federal Reserve chairman. The Hang Seng Index skyrocketed 325 points, or 1.4%, to 23,240.20 as major sectors uptrend, and the Hang Seng China Enterprises Index bolstered 1.2% to 10,669.80. Winners involved HSBC Holdings PLC as the financial-sector heavyweight's shares climbed 1.9%, and China Construction Bank Corp. as it rallied 1.6%. Also higher were shares of Tencent Holdings Ltd. , leaped by 1.5% after the Internet company applied for a private banking license, according to reports Friday. Meanwhile, China Petroleum & Chemical Corp., or Sinopec, tacked on 1%, with the Chinese government planning to invest 80 billion yuan ($13.07 billion) this year in oil and gas exploration efforts, according to state media Sunday. The Shanghai Composite edged 0.2% higher, building on last week's surge of 4.5%.
