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Hong Kong stocks extend weekly rally

Mar 20 2017 12:16
Bloomberg: Kana Nishizawa

Hong Kong - Hong Kong stocks rose, extending their best weekly gain since September, as China Shenhua Energy jumped after announcing a special dividend.

The Hang Seng Index added 0.8% to 24 501.99, its highest close since August 2015. Shenhua posted its biggest gain since 2008. China Mobile and Tencent, which are both scheduled to report earnings this week, rose at least 2.7%. The Shanghai Composite Index advanced 0.4% at the close, after falling on Friday by the most this year.

Hong Kong is entering its peak season for earnings releases, with more than 275 companies announcing their financial results this week, including heavyweights Tencent and Cnooc.

The Hang Seng Index climbed 3.2% last week, boosted by global optimism over a dovish Federal Reserve. Mainland investors bought a net 13 billion yuan of Hong Kong stocks last week through exchange links, the most this year. Their net purchases totaled 3.73 billion yuan on Monday.

"The market is chasing companies with high cash levels that may announce dividend payouts,” said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. Southbound flows through the stock links are likely to continue amid concerns about yuan depreciation after the Fed raised interest rates, he said.

The Hang Seng China Enterprises Index advanced 0.7% to its highest closing level since November 2015, as automakers and insurers gained.

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equities  |  markets  |  china stocks

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