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Hong Kong stocks rose for the first time in five days after commodity prices climbed and the Central Government proposed temporary price caps to tackle inflation, easing concerns that measures would be tougher.

The Hang Seng Index (HSI) climbed 1.8 percent to 23,637.39 at the close. About six stocks rose for each that fell on the 45-member gauge.

The Central Government said Wednesday that it may impose temporary price controls on "important daily necessities" and production materials to stem the fastest inflation in two years.

"The government appears to have taken a softer approach," said Khiem Do, head of multi-asset strategy at Baring Asset Management (Asia) Ltd. "The market is relieved that the government has taken a gradual and softer approach."

The Hang Seng China Enterprises Index increased 2.3 percent to 13,168.49. Futures on the HSI gained 1.8 percent to 23,588.

Cnooc gained 4.9 percent to HK$17.28, the biggest contributor to the HSI's advance. Jiangxi Copper advanced 5.3 percent to HK$23.05. Aluminum Corporation of China Ltd climbed 2.9 percent to HK$7.21.

Shares in the gauge trade at an average 14.8 times estimated earnings compared with about 17.2 times at the start of the year.

China Construction Bank rose 2.7 percent to HK$7.30. Industrial & Commercial Bank of China Ltd advanced 2.6 percent to HK$6.33. Bank of China Ltd climbed 1.6 percent to HK$4.37.

Zhou Qiren, an adviser to the People's Bank of China, said interest-rate increases are insufficient for curbing inflation in the nation, and the government should boost its supply of resources and broaden investment channels to allow individuals and companies to spend or invest abroad to dilute excess domestic liquidity, the China Securities Journal reported.

Citic Dameng Holdings Ltd gained 6.2 percent to HK$2.92 on its first day of trading in Hong Kong after raising HK$2.06 billion ($259 million) in an initial public offering.

Bloomberg

(HK Edition 11/19/2010 page3)