HONG KONG, Nov 15 (Reuters) - Chinese shares listed in Hong Kong posted their biggest daily gain in three months on Friday, on China reform hopes and after comments from the U.S. Federal Reserve presumptive chair raised hopes of an extension in easy U.S. monetary policy.
China’s reform plan approved by the party plenum was “unprecedented” and fundamental changes are expected after upgrading the market’s role in the economy, a senior party official said in comments published on Friday.
Market players also cited a circulating draft of what they say could be the “final decision” containing reform details from the Communist Party plenum meeting that had ended on Tuesday. The initial communique was seen vague and spawned doubts about the government’s commitment to reform. The final document is due for release next week.
The Hang Seng Index ended up 1.7 percent at 23,032.2 points, while the China Enterprises Index of the top Chinese listings in Hong Kong spiked 3 percent in its biggest single-day gain since Aug. 12.
Rises helped both indexes swing into gains on the week. They rose 1.3 and 3 percent, respectively. Although bourse turnover slowed in the afternoon, the full-day total on Friday was still the heaviest since Oct. 23.