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Hong Kong: Hang Seng Index rises above 30,000 to decade-high

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[HONG KONG] Hong Kong's benchmark equity gauge rose above the 30,000 level for the first time in a decade as Tencent Holdings extended its rally and Chinese financial shares climbed.

The Hang Seng Index climbed one per cent to 30,143.39 at 9.31am local time. Tencent has surged 25 per cent this month alone, overtaking Facebook Inc. by market value, while Ping An Insurance Group has jumped 26 per cent amid optimism over its digital expansion.

Hong Kong stock investors have had a rocky ride in the past 10 years, being buffeted by the global financial crisis, the bursting of two different Chinese stock bubbles as well concerns over European debt.

Hopes of a sustained rally in 2015 were dashed by turmoil in mainland financial markets.

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This year, however, has seen sustained inflows from across the border as well as dizzying gains in technology shares.

Gains in Hong Kong have helped fuel the wider regional rally in Asia, with the MSCI Asia Pacific Index headed for another record close Wednesday.

Meanwhile, the benchmark Shanghai Composite Index rose 0.20 per cent, or 6.83 points, to 3,417.33 but the Shenzhen Composite Index, which tracks stocks on China's second exchange, was slightly lower, inching down 0.51 points to 1,986.94.

AFP/BLOOMBERG

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