BUSINESS Hong Kong shares rise as Tencent hits a record on robust earnings


Hong Kong shares rise as Tencent hits a record on robust earnings

Reuters Staff | Reuters

04:42, November 17, 2017

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Hong Kong stocks firmed on Thursday, helped by index heavyweight Tencent Holdings, which climbed to a record closing high after posting solid third-quarter results.

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 Co of China Ltd up 5.49 percent, followed by New China Life Insurance Co Ltd gaining 4.17 percent and China Pacific Insurance Group Co Ltd by 4.12 percent.

The three biggest H-shares percentage decliners were China Shenhua Energy Co Ltd, down 1.42 percent, China Longyuan Power Group Corp Ltd which lost 1.4 percent and Huaneng Power International Inc, off 1.3 percent.

The sub-index of the Hang Seng index tracking energy shares dipped 0.2 percent while the IT sector rose 1.9 percent. (Reporting by the Shanghai Newsroom; Editing by Richard Borsuk)

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