Ping An, Tencent help Hong Kong market post gains

Business | Reuters and Bloomberg Nov 17, 2017
Hong Kong stocks firmed yesterday, helped by index heavyweight Ping An Insurance Group (2318) and Tencent Holdings (0700).

The Hang Seng index rose 0.6 percent to 29,018.76 points, while the China Enterprises Index gained 1.1 percent, to 11,533.96 points.

Shares of Chinese internet giant Tencent rose more than 2 percent, as Asia's most valuable company beat expectations by reporting a 69 percent jump in quarterly net profit.

The top gainers among H shares were Ping An Insurance Group, up 5.49 percent, followed by New China Life Insurance (1336) gaining 4.17 percent and China Pacific Insurance Group (2601) by 4.12 percent.

The sub-index of the Hang Seng index tracking energy shares dipped 0.2 percent while the IT sector rose 1.9 percent.

Traders are lobbying Hong Kong Exchanges & Clearing (0388) for changes to the cross-border stock links with the mainland ahead of the country's shares joining key MSCI Inc benchmarks.

Chinese-listed companies will be added to gauges including the MSCI Emerging Markets Index in June, a move that could spur as much as US$17 billion (HK$132.6 billion) of flows into the equity market.

But traders in Hong Kong said the two stock connect schemes, which link the HKEX with bourses in Shanghai and Shenzhen, may struggle unless certain issues - including daily trading limits and details of an incoming investor identity system - are addressed.

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