Around the World's Markets: Hong Kong

HONG KONG stocks closed higher in choppy trade, with telecom and utility stocks outperforming other blue chips. The benchmark Hang Seng index finished up 221.72 points or 1.72 per cent at 13,127.02. Traders said investors were cautious above the 13,000 level.

One analyst said: "There is not across-the-board buying at 13,000. I think many people believe that at 13,000 stocks are overpriced, but selected companies are doing quite well."