Update | Hong Kong stocks close at highest level in a week rallied by tech and insurance sectors
Hang Seng Index advances 1.2 per cent to end at 28,978.14 – the best close since December 4. Mainland indices all gain
Hong Kong stocks rose to their highest finish in a week on Monday, up for a third day in a row, buoyed by tech and insurance shares, while daily turnover continued to shrink.
The Hang Seng Index advanced 1.1 per cent, or 325.44 points, to end at 28,965.29, the best close since December 4. The benchmark had posted two straight weeks of losses before Monday.
The Hang Seng China Enterprises Index, known as the H-shares index, rose 1.3 per cent to 11,431.62.
However, daily turnover continued to drop, reaching HK$109 billion on the main board. Last week, average daily turnover fell to HK$121.9 billion (US$15.6 billion), down 6.7 per cent from the previous week.
“The market is stabilising as big caps recover. But it is unlikely to see a strong upside for now as people are fed up with the correction and are not buying second-tier companies,” said Alex Wong Kwok-ying, director of Ample Finance Group.
The market is stabilising as big caps recover. But it is unlikely to see a strong upside for now as people are fed up with the correction and are not buying second-tier companies
Chinese internet giant Tencent was responsible for 81 points of gains on the Hang Seng Index, the most among the constituent stocks. It gained 2.9 per cent to close at HK$405.4.
