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MarketScreener Homepage  >  Indexes  >  World  >  Hang Seng    HSX   HK0000004322

HANG SENG

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Hong Kong stocks close at 9-month high on upbeat China data

11/27/2020 | 03:45am EST

* HK->Shanghai Connect daily quota used 5.8%, Shanghai->HK daily quota used 9.3%

* HSI +0.3%, HSCE +0.8%, CSI300 +1.2%

* FTSE China A50 +1.5%

Nov 27 (Reuters) - Hong Kong stocks ended at a nine-month high on Friday, gaining for the fourth week in a row, tracking mainland strength as upbeat profits from industrial firms pointed to a continued recovery in China's economy.

** The Hang Seng index rose 0.3% to 26,894.68, its highest closing level since Feb. 21, while the China Enterprises Index gained 0.8% to 10,790.30 points.

** For the week, HSI rose 1.7%, while HSCE climbed 2.2%, both posting their fourth week of gains in a row.

** October profits at Chinese industrial firms rose 28.2% to 642.91 billion yuan ($97.79 billion) compared with a year earlier, official data showed on Friday, pointing to a steady recovery in the manufacturing sector after it was hit by the COVID-19 pandemic.

** China's factory activity likely expanded at a slightly faster pace in November, a Reuters poll showed on Friday, as the world's second-largest economy steadily recovers from the coronavirus crisis.

** "Overall, we believe China's economic recovery remains largely on track and maintain our real GDP growth forecast of 5.7% y-o-y for Q4, up from 4.9% in Q3. We firmly believe Beijing will maintain its policy stance," analysts at Nomura said in a note on Friday.

** China's monetary policy has become more normalized, which could weigh on shares of developers and other companies with high debt levels, but could bode well for banking and insurance firms, KGI Securities noted in a report.

** The brokerage added the benchmark Hang Seng index would face resistance around the 27,000-point level.

** The Hang Seng financials index gained 3.7% for the week, its fourth straight weekly gain.

** China's central bank said on Thursday it would make prudent monetary policy more flexible and targeted, and reiterated it would not resort to flood-like stimulus. (Reporting by the Shanghai Newsroom; Editing by Ramakrishnan M.)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HANG SENG 0.39% 28620.49 Real-time Quote.5.10%
NOMURA CO., LTD. -1.23% 800 End-of-day quote.-6.10%
NOMURA HOLDINGS, INC. 0.05% 590.4 End-of-day quote.8.33%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.472 Delayed Quote.-0.48%
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