HONG KONG, May 29 (Xinhua) -- Overnight gains on Wall Street helped Hong Kong shares extend their rising streak to an eight-month high Friday, with Chinese financial companies leading the way.

    The benchmark Hang Seng Index rose 285.73 points, or 1.6 percent, to 18,171.00 after trading between 17,833.74 and 18,227. 79 during the session. It was its highest closing level since Oct.2's 18,211.

    Turnover slightly fell to 92.17 billion HK dollars (11.90 billion U.S. dollars) from Wednesday's 93.06 billion HK dollars ( 12.02 billion U.S. dollars). The Hong Kong market was closed Thursday for the Dragon Boat Festival.

    But analysts said profit-taking pressure is strong as the local benchmark index has risen 17 percent since the start of May.

    Overnight gains in the U.S. supported Hong Kong shares Friday. The Dow Jones Industrial Average rose 103.78 points, or 1.25 percent, Thursday to 8,403.80 on eased concerns about government debt sales and a surge in oil prices.

    BOC Hong Kong jumped 11 percent to 12.34 HK dollars. It had risen just 0.7 percent between May 1 and May 27, compared with the Hang Seng Index's 15.2 percent rise over the same period.

    Strong rotational buying interest also buoyed other Chinese financial companies. Bank of China rose 7.7 to 3.48 HK dollars and Ping An Insurance ended 5.2 percent higher at 53.75 HK dollars.

    The finance sub-index went up 427.59 points or 1.62 percent to 26,775.06.

    The properties sub-index rose 197.78 points or 0.80 percent at 25,051.36.

    The commerce and industry sub-index went up 191.96 points or 1.98 percent to 9,895.77.

    The utilities sub-index rose 39.69 points or 0.11 percent at 35,937.94. (7.7435 HK dollars = 1 U.S. dollar)