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(Agencies)
Updated: 2007-11-29 16:41

China's key stock index closed up 4.16 percent on Thursday and rose above the psychologically important 5,000-point level as a surge in neighbouring Hong Kong's stock market boosted buying interest in large-capitalised stocks such as PetroChina .

Related readings: Panic selling drives stock indices down further Key stock index falls to 3-month low PetroChina enters major stock indices

The Shanghai Composite Index finished at 5,003.333 points, but analysts said it would be premature to predict a reversal of the market's recent weakness. The index had plunged 21 percent through Wednesday's close from its record high of 6,124 points hit on October 16.

"It's too early to say the market has cleanly recovered the key 5,000-point level," said Qin Qimin, senior stock analyst at Shenyin and Wanguo Securities.

Analysts forecast the index would move between 4,800 and 5,200 on Friday and early next week as the market sought fresh direction.

PetroChina, the country's biggest oil producer and the Chinese market's largest-capitalised stock, rebounded 2.8 percent to 33.05 yuan, after leading the market's steep fall.

Hong Kong's blue-chip Hang Seng Index had risen 4.5 percent around the time the Shanghai market was closing at 3:00 PM of Beijing Time, and the Hang Seng China Enterprise Index added 5.1 percent, after a comment by a US Federal Reserve official cemented expectations of a December US interest rate cut.