Update | Hong Kong market posts biggest weekly gain in nearly two months as China financials rebound
China Life Insurance saw its shares jump 13.7 per cent this week, the biggest weekly gain since April 2015 as rising domestic bond yields boost insurers’ investment returns
Hong Kong stocks notched up their biggest weekly gain in nearly two months, supported by a rally in the Chinese financial sector driven by a rebound in insurance stocks.
The Hang Seng Index closed Friday trading at 22,723.45, up 0.51 per cent. It surged 1.7 per cent this week, the biggest gain since October 7. The Hang Seng China Enterprises Index continued to outperform the blue-chip benchmark, ending 1.15 per cent or 111.46 points higher at 9,790.23.
Trading turnover was low at HK$56.2 billion after the US market was closed for trading on Thursday due to Thanksgiving Day, and will close three hours earlier during Friday trading.
Insurance companies led the Hong Kong rally. PICC Property and Casualty Company was the best performer on the H-share index, ending 4.78 per cent higher at HK$13.16. China Life Insurance Company gained 3.89 per cent to HK$22.7. China’s largest life insurer saw shares its jump 13.7 per cent this week, the biggest weekly rise since April last year.
The banking sector also led the way, with China Merchants Bank adding 1.27 per cent to HK$19.18, while shares Industrial and Commercial Bank of China increased 1.3 per cent to HK$4.67.
But gaming stocks retreated, with Macau casino operator Sands China’s shares falling 1.68 per cent to HK$38.0, the worst-performing blue chip for the session. Galaxy Entertainment shares lost 1.07 per cent to HK$37.0.