Hong Kong: Blue chips rise for the day and week on China index gains
[HONG KONG] Hong Kong blue chip stocks rose on Friday as investors cautiously watched a surge in volatile China share indexes, ending the week in positive territory after four straight weeks of decline.
The Hang Seng index rose 1 per cent to end the day at 25,415.27 points, the highest close since July 3, and ending the week up 2.1 per cent.
The China Enterprises Index HSCE climbed 0.9 per cent to close at 11,850.14 points, but ended the week down 0.1 per cent for five straight weeks of decline.
China stocks closed up on Friday, overcoming a mid-week slide to end up for a second week, with market insiders saying the "national team" of brokerages, mutual funds and market regulators were intensifying intervention, especially in the futures market.
Belle International led gains in the Hong Kong blue-chip index, rising 4.7 per cent, offsetting a 1.4 per cent fall in China Resources Power.
CITIC Securities led the rise in the China companies index for the day, surging 8.7 per cent, wiping off the effect of a nearly 2 per cent drop in Tsingtao Brewery.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade
Israel hits back, markets react; STI down 0.4%
Oil jumps, equities fall as Iran blasts fan Middle East tensions
Tokyo: Nikkei index tumbles 3% in morning trade
Singapore shares open higher on Friday; STI up 0.2%