Hong Kong stocks rise, longest consecutive gains since 2010
Hong Kong stocks rose 17.53 points, or 0.08 percent, to close at 20,756.98 on Friday. The Hang Seng Index rose 0.1 percent, to 20,756.98 at the close.
Hong Kong stocks rose for the fifth week, but only just. This makes it the longest streak since October 2010, with the Index closing at a six-month high, on speculation China may take more measures to boost economic growth.
China Minsheng rallied 1.4 percent to HK$7.52. China Construction Bank Corp. (939), the nation’s No. 2 lender by market value, rose 0.8 percent to HK$6.39. Agricultural Bank of China Ltd., the nation’s third-biggest lender by market value, gained 0.5 percent to HK$3.92.
Local property developers ended up. Sun Hung Kai, the city's largest property developer by market value, closed 0.55 percent higher at 109.60 HK dollars; Cheung Kong properties, owned by billionaire Li Ka-shing, added 0.67 percent to 104.80 HK dollars. Henderson Land gained 1.87 percent to 43.55 HK dollars.
PetroChina, the country's largest oil and gas producer, closed 1.2 percent higher to 11.48 HK dollars. Sinopec, China's top refiner edged down 0.1 percent to 9.62 HK dollars. (One U.S. dollar is equivalent to 7.756 HK dollars)
Hutchison Whampoa advanced after agreeing to buy Orange Austria from France Telecom SA in a deal that values the mobile carrier at 1.3 billion euros ($1.7 billion). Hutchison rose 3.3 percent to HK$76.40.
Sinopharm rose 12 percent to HK$20.55 on the plan, which will raise subsidies to about 300 yuan ($47.60) per capita in rural China this year. That’s more than the expected 240 yuan, CIC analyst Jessica Li said by phone today.
Wynn Macau Ltd., the Hong Kong-listed casino unit of Wynn Resorts Ltd. (WYNN), slipped 2.4 percent to HK$20.30 percent after posting profit that missed estimates. Shares dropped after the casino operator posted full-year profit of $759.8 million, missing analysts’ estimates of $795.3 million.
Other gambling stocks declined. MGM China Holdings Ltd., a unit of the largest operator on the Las Vegas Strip, dropped 0.2 percent to HK$11.86. SJM Holdings Ltd., Asia’s biggest casino, slipped 1.8 percent to HK$14.30.
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