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Hong Kong shares close up 0.7 pct, China plays dominant
December 14, 2012 / 8:11 AM / 5 years ago

Hong Kong shares close up 0.7 pct, China plays dominant

HONG KONG, Dec 14 (Reuters) - Hong Kong shares closed at their highest in more than 16 months on Friday, posting a fourth-straight weekly gain, helped by resurgent mainland Chinese stocks fuelled by speculation of fresh state-backed buying in onshore markets.

The Hang Seng Index closed up 0.7 percent on the day and 1.9 percent on the week at 22,606 points, the highest close since Aug. 1, 2011. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 1.5 percent on the day and 3.6 percent this week.

The CSI300 Index of the top Shanghai and Shenzhen listings surged 5.1 percent on Friday and 4.9 percent for the week. The Shanghai Composite Index was up 4.3 percent on the day and also for the week.


* Offshore Chinese markets in Hong Kong underperformed onshore peers for a second straight week. With the CSI300 and Shanghai Composite closing above their 100-day moving averages for the first time since mid-2012, this outperformance could extend into the end of the year as fund managers face pressure to chase the rally.

* Chinese leaders will hold an annual policy-setting meeting over the weekend to chart the economy’s course for 2013, government sources familiar with the situation said on Thursday.

* Ping An Insurance jumped 3.6 percent and was among the top performers among Hang Seng Index components on a day where other Chinese growth-sensitive counters also saw strong gains.

* China Longyuan Power Group dived 5.4 percent to HK$5.23, above the top end of the HK$5 to 5.20 range at which the wind power generator priced its HK$2.42 billion ($312 million) new share offering.

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