BUSINESS Hong Kong shares follow Wall Street higher

BUSINESS

Hong Kong shares follow Wall Street higher

Reuters | Reuters

04:00, October 28, 2017

Hong Kong stocks ended the week on a firmer footing, after an encouraging slew of earnings from U.S. tech giants buoyed Wall Street and the European Central Bank extended its stimulus.

The market also drew support on solid earnings from major Chinese firms listed in the city, including China Life Insurance and telecommunications equipment and systems company ZTE Corp.

The Hang Seng index rose 0.8 percent, to 28,438.85, while the China Enterprises Index gained 1.7 percent, to 11,643.57 points.

But for the week, the Hang Seng dipped 0.2 percent, while the HSCE rose 0.7 percent.

Sentiment on Friday was supported by the ECB’s policy guidance that was more dovish than the market had expected, as well as China’s robust September industrial profits.

The ECB said it would cut its bond purchases in half to 30 billion euros a month from January but would extend its asset purchases by nine months given low inflation.

Financial shares posted solid gains.

China Life’s Hong Kong-traded shares hit two-month highs, after China’s second-biggest insurer by market value posted a 365.5 percent jump in third-quarter profit. 


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