Hang Seng posts biggest weekly gain in 15 months
Friday trading boosted by stronger-than-expected Chinese growth in the second quarter, and upbeat US bank earnings and economic indicators
Hong Kong’s Hang Seng Index extended its bull streak on Friday to five sessions, capping the biggest weekly gain since April 2015, after China posted stronger-than-expected growth in the second quarter and US equities marched higher into record territory overnight, on upbeat bank earnings and economic indicators.
The Hang Seng rose 0.5 per cent or 98.19 points to 21,659.25. For the week, that marked a 5.3 per cent jump, the best performance in more than a year.
The Hang Seng China Enterprises Index, or the H-shares index, added 0.4 per cent or 39.56 points to end at 9,049.66.
Earlier in the day, the National Bureau of Statistics reported that China’s gross domestic product (GDP) expanded 6.7 per cent in the second quarter, unchanged from the previous quarter’s growth and slightly above an estimated 6.6 per cent increase in a Reuters’ poll of analysts.
“China GDP for Q2 came as a positive surprise to the market, ” said Elliot Clarke, an analyst for Westpac Banking.
China GDP for Q2 came as a positive surprise to the market. There is evidence in the detail to suggest that the weaker renminbi and government support are helping to spur momentum
“There is evidence in the detail to suggest that the weaker renminbi and government support are helping to spur momentum.”