[ET Net News Agency, 20 October 2017] HK stocks closed sharply higher on Friday morning
session despite the flat close of the US equity markets overnight. The Hang Seng Index
opened up 200 points to 28,360. It briefly rose 281 points to an intra-day high of 28,440,
thanks to the rally of Big Four Chinese banks.
The Hang Seng Index ended up 276 points or 1% to 28,435. The H-share index rose 173
points or 1.5% to 11,531. Half-day turnover increased slightly to HK$50.8 billion from
HK$50.5 billion on Thursday.
China Unicom (00762) jumped 1.8% to HK$11.36 after the telecom operator issued positive
profit alert. Cathay Pacific (00293) added 2.6% to HK$13.38 after Credit Suisse raised its
target price for the local carrier to HK$12.4 from HK$11.3.
Big Four Chinese lenders snapped yesterday's decline. CCB (00939) rose 1.9% to HK$6.91.
ABC (01288) edged up 0.8% to HK$3.64. ICBC (01398) bounced 2.7% to HK$6.3. BOC (03988) put
on 1.3% to HK$4.04.
Mainland insurers also picked up upward momentum. Ping An (02318) gained 2.7% to
HK$66.45. PICC P&C (02328) added 1.2% to HK$14.96. China Life (02628) ascended 1.2% to
HK$24.5. China Taiping (00966) shot up 2% to HK$24.45.
AIA (01299) dipped 2.3% to HK$59.7 after it reported VoNB growth of 20% in 3Q.
Local property counters were also higher. New World Development (00017) and Sun Hung Kai
Properties (00016) led the rally, rising 1.2% to HK$12 and HK$132. (00012) gained 0.7% to
HK$52.35. (KL)