Hong Kong stocks rise to new 10-year high; Tencent more valuable than Facebook
Bourse operator HKEX surges as market turnover rises to the highest in more than two years, while Chinese markets also gained
Hong Kong stocks advanced on Tuesday to a fresh 10-year closing high, with Tencent moving further into record territory and passing Facebook in market value, while Hong Kong Exchanges & Clearing, the bourse operator, also jumped after the market’s daily turnover exceeded HK$150 billion.
The Hang Seng Index gained 1.9 per cent, or 557.76 points, to close at 29,818.07, the best finish since November 2, 2007. The index has gained for four straight sessions.
The Hang Seng China Enterprise Index, or the H-share gauge, jumped 2.9 per cent to 11,874.37.
The main board’s turnover reached HK$157 billion, the highest in more than two years.
Tencent Holdings hit a record of HK$439.6 before closing at HK$430, giving it a market value of HK$4.08 trillion (US$522.8 billion), surpassing Facebook’s US$521.6 billion, based on Monday’s closing price in the US.
The Chinese internet giant was the most heavily traded stock on the Hong Kong market on Tuesday, with a turnover of HK$21.7 billion.
Hong Kong Exchanges & Clearing gained 5.5 per cent to HK$244.8.
