Hong Kong stocks were boosted sharply on surprising rate cut by the PBOC after the bearish week due to the weaker-than-expected response to the Shanghai-Hong Kong Stock Exchange. At market close, Hang Seng Index and China Enterprises Index concluded at 23893 and 10842, up 456 pts and 395 pts, on turnover of $105.246 billion.
Mainland Shanghai Composite Index jumped 1.9% to 3-year high. X ISHARES A50 (02823.HK) and CSOP A50 ETF (02822.HK) perked up 3% and 2.7%. Mainland insurers gained sharply, as CHINA LIFE (02628.HK) and PING AN (02318.HK) surged 8.5% and 5.4%. NCI (01336.HK) and CPIC (02601.HK) advanced 8.5% and 8.2%; PICC GROUP (01339.HK) rose 3.5%.
On back of bullish report by Morgan Stanley, infrastructure stocks elevated. CHINA COMM CONS (01800.HK) rocketed 12.6%; ZOOMLION (01157.HK) added 8.6%; ANHUI CONCH (00914.HK) and CNBM (03323.HK) climbed 5.3% and 3.8%.
Heavyweight TENCENT (00700.HK) edged up 1%; HSBC HOLDINGS (00005.HK) added 0.8%; CHINA MOBILE (00941.HK) leaped 2.2%. ~
AAStocks Financial News
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