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HK stocks extend

sharp gains

HONG KONG: Hong Kong shares extended their sharp gains in the afternoon after opening stronger on Wall Street's rally overnight, players said.

The blue-chip Hang Seng Index was up 154.02 points, or 1.41 percent, to 11,080.86 on scant turnover of HK$2.49 billion.

Brokers noted that the turnover totally failed to match the upturn and that index futures led the cash market up when trade restarted in the afternoon.

They said day traders could be attempting an index futures short squeeze in a thin market ahead of the Easter long weekend and that there was not much conviction behind the rally.

April futures surged 160 to 11,090 on light volume of 6,088 lots and May climbed 155 to 11,085 with 229 lots traded.-Reuter