Comments
Hong Kong's Hang Seng Index ended trading at a record high on Friday, after rising for 14 consecutive days in the longest-ever winning streak that reflects sustained investor optimism even after a bumper 2017. Market sentiment was buoyed by signs of concerted global economic recovery, as well as a resurgence in index heavyweight Tencent, which jumped about 3 per cent.
At close of trade, the Hang Seng index was up 292.15 points or 0.94 per cent at 31,412.54. The Hang Seng China Enterprises index rose 1.41 per cent to 12,468.93. The sub-index of the Hang Seng tracking energy shares rose 1.8 per cent, while the IT sector rose 2.27 per cent, the financial sector was 1.07 per cent higher and property sector dipped 0.19 per cent.
The top gainer on the Hang Seng was Ping An Insurance Group Co of China Ltd up 3.41 per cent, while the biggest loser was Wharf Real Estate Investment Company Ltd which was down 3.14 per cent. China's main Shanghai Composite index closed up 0.12 per cent at 3,429.3152 points, while its blue-chip CSI300 index ended up 0.47 percent.
Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.66 per cent, while Japan's Nikkei index closed down 0.24 per cent . The yuan was quoted at 6.4672 per US dollar at 08:24 GMT, 0.47 per cent firmer than the previous close of 6.4978.
The top gainers among H-shares were Air China Ltd up 5.81 per cent, followed by Ping An Insurance Group Co of China Ltd gaining 3.41 per cent and Byd Co Ltd up by 3.13 per cent.
The three biggest H-shares percentage decliners were Zhuzhou CRRC Times Electric Co Ltd which was down 1.84 per cent, CRRC Corp Ltd which fell 1.6 per cent and China Galaxy Securities Co Ltd down by 1.2 per cent.
About 2.40 billion Hang Seng index shares were traded, roughly 133.9 per cent of the market's 30-day moving average of 1.79 billion shares a day. The volume traded in the previous trading session was 1.85 billion. At close, China's A-shares were trading at a premium of 27.30 per cent over the Hong Kong-listed H-shares.
The price-to-earnings ratio of the Hang Seng Index was 14.19 as of the last full trading day while the dividend yield was 2.8 per cent. So far this week, the market capitalisation of the Hang Seng index has risen by 0.88 per cent to HK$20.41 trillion.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.