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Hong Kong shares ended higher Tuesday as continued interest in China-related stocks fueled gains in the broader market.

Investors usually turn cautious in the few trading sessions between the Christmas and New Year public holidays, but hopes of a bullish start to 2004 as well as Wall Street's strong gains in recent months continued to encourage buying, analysts said.

The blue-chip Hang Seng Index ended up 62.45 points, or 0.5%, at 12,526.74. It traded the session in a range of 12,504.97 and 12,643.80. Trading volume jumped to HK$21.94 billion from HK$14.05 billion in the previous session.

The broader S&P/HKEx LargeCap Index finished up 128.80 points at 13,575.86.

"Investors are snapping up H shares, betting on upbeat earnings stories in the first quarter in 2004," said Ben Kwong, associate director at KGI Asia.

After rising for six straight sessions since it began trading Dec. 18, China Life's ascent finally came to a halt. Shares in China's largest life insurer ended flat at HK$6.4, though they were up more than 10% early in the session at HK$7.05. Turnover in the stock leaped to HK$4.86 billion from HK$3.45 billion in the previous session.

Its smaller peer, PICC, ended 0.74% higher at HK$3.425.

PetroChina jumped 6.13% to a record closing high of HK$4.325 on speculation the oil producer will make a major overseas acquisition.

The three H shares were the market's most actively traded stocks Tuesday, accounting for 32% of total turnover.

The Chinese Enterprises subindex rose 122 points, or 2.6%, to 4,883.3 as H share heavyweights all advanced.

Sinopec gained 7.3% to close at HK$3.30, and China Telecom gained 4.4% to hit a new record closing high of HK$3.0.

Blue chips generally rose as year-end window-dressing overcame lingering concerns about a suspected case of SARS in China.

Laggards such as telecom stocks notched up sizable gains.

China Mobile rose 2.2% to end at HK$23.8, and rival China Unicom gained 4.2% to HK$7.4.

HSBC Holdings, the largest stock in Hong Kong in terms of market capitalization, fell 0.4% to end at HK$121.5 on profit-taking, after the index heavyweight hit an all-time high of HK$123.0 during the session. Its initial gains followed news it bought a 50% stake in China-based Fujian Asia Bank for no more than US$20 million.

Fellow blue-chip heavyweight CNOOC, China's largest offshore oil producer, fell 3.1% to close at HK$15.6 as investors continue to switch into its H-share oil peers on news CNOOC had lowered its 2004 production target.

Heavy metals stocks, stellar performers in recent rallies, fell on profit-taking.

Maanshan Iron declined 4.7% to end at HK$2.55, Jiangxi Copper fell 2.9% to close at HK$4.25, and Chalco finished 5.7% lower at HK$5.80.

With the expiry of the Hang Seng December future contracts Tuesday, KGI Asia's Kwong said Hong Kong shares could be heading for a brief consolidation.

There will only be a half-day trading session Wednesday.

The key index closed Tuesday 34% higher than its year-end 2002 level.

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