HK stocks extend world-beating rally to end at 8-month high
Hang Seng Index closes at 22,766.91, up 0.83pc. Shanghai Composite Index jumps 1.6pc to 3,050.67. Markets shrug off weaker-than-expected Chinese economic data
The Hang Seng Index closed at 22,766.91, up 0.83 per cent or 186.36 points. The Hang Seng China Enterprises Index, or the H-shares index, climbed 1.4 per cent or 131.51 points to 9,554.85.
Hong Hao, chief China strategist at Bocom International in Hong Kong said the local market boost following an overnight US rally, driven by the country’s better-than-expected economic growth.
“Technological innovation in the country is powerful,” said Hong. “And that critical role in boosting the US economy cannot be ignored.”
Wang Chong, an analyst for Victory Securities agreed, adding that “overseas market sentiment was very bullish, with all three major US indexes closing at record levels for the first time in 17 years, along with a surge in oil futures.
“They all helped boost Hong Kong stocks,” he said.