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Stocks

Hang Seng Index rides on gains in financials, property to end week on a high

Mainland markets continue positive run as they open after week-long holiday

PUBLISHED : Friday, 23 February, 2018, 10:45am
UPDATED : Friday, 23 February, 2018, 10:09pm

Hong Kong stocks gained on Friday, driven by Chinese financials and property developers, with mainland markets rising further.

The Hang Seng Index rose 0.97 per cent or 301.49 points to 31,267.17 although turnover slipped to HK$103.33 billion (US$13.20 billion) from Thursday’s HK$120.67 billion. The Hang Seng China Enterprises index rose 1.65 per cent or 206.42 points to 12,735.06.

“Hong Kong markets are very volatile these days, without forming any major direction,” said Kingston Lin King-ham, director at AMTD securities brokerage.

“The Hang Seng Index is supported by sentiment from global and mainland markets today, and given that bank earnings results have so far have been solid.”

Most heavily traded Tencent Holdings gained 1.57 per cent to HK$453.40.

The Hang Seng Index is supported by sentiment from global and mainland markets, and given that bank earnings results have so far have been solid
Kingston Lin King-ham, director at AMTD securities brokerage

Country Garden Holdings, China’s third largest property firm by contracted sales, soared 6.21 per cent to HK$15.04, China Evergrande Group rose 1.68 per cent to HK$24.25 and China Overseas Land & Investment increased 1.80 per cent to HK$28.35.

Ping An Insurance Group rose 0.70 per cent to HK$85.75, AIA Group added 1.03 per cent to HK$63.65,

Hong Kong Exchanges and Clearing climbed 2.07 per cent to HK$285.80.

Industrial & Commercial Bank of China advanced 1.15 per cent to HK$7.03, Bank of China gained 2.07 per cent to HK$4.43 and China Construction Bank added 0.60 per cent to HK$8.44.

Mainland markets rallied further after resuming trade on Thursday after a week-long Lunar New Year holiday.

The Shanghai Composite Index rose 0.63 per cent or 20.47 points to 3,289.02, rising for a fifth straight session. The CSI 300 – which tracks large caps listed in Shanghai and Shenzhen – was up 0.45 per cent or 18.36 points to 4,071.09.

The Shenzhen Composite Index edged up 0.18 per cent or 3.20 points to 1,775.17, but the Nasdaq-style ChiNext fell by 0.53 per cent or 8.93 points to 1,668.83.

Other Asian markets were higher on Friday, with Tokyo’s Nikkei 225 gaining 0.72 per cent to 21,892.78, South Korea’s Kospi up 1.54 per cent to 2,451.52 and Sydney’s All Ordinaries 0.78 per cent higher at 6,105.20.

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