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Hong Kong shares close up 1.1 pct at highest since June 2011
January 18, 2013 / 8:14 AM / 5 years ago

Hong Kong shares close up 1.1 pct at highest since June 2011

HONG KONG, Jan 18 (Reuters) - Hong Kong shares closed at their highest in 19-1/2 months on Friday, led by growth-sensitive counters after data showed China’s economy rebounded in the fourth quarter.

The Hang Seng Index closed up 1.1 percent on the day and 1.5 percent on the week at 23,601.8, its highest since June 1, 2011. The China Enterprises Index of the top Chinese listings in Hong Kong rose 2.1 percent on Friday and 2.2 percent this week.

The CSI300 of the top Shanghai and Shenzhen A-share listings rose 1.7 percent on the day and 4.5 percent for the week. The Shanghai Composite Index gained 1.4 percent on Friday and 3.3 percent for the week.


* Chinese automakers were among the top performers on the day with traders citing a local media report that Zhengzhou, a city in central China, will prioritise locally produced vehicles when making new purchases in a move to support the industry.

* Baoxin Auto surged 8.2 percent after Goldman Sachs added the China auto maker to its conviction list, citing its highest luxury car sales volume mix.

* Gains on Friday helped the Hang Seng Index cover the gap on the chart that opened between June 1 and 2, 2011, something it has struggled to do since the start of the year.

* A raft of China data on Friday added to evidence of a burgeoning recovery in exports, stronger than expected industrial output and retail sales, together with robust fixed asset investment, all signalled that Beijing’s pro-growth policy mix has gained sufficient traction to underpin a revival without yet igniting inflationary risks.

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