HK stocks closed higher on Friday in heavy trade following the rally of the US equity markets overnight. The Hang Seng Index opened up 195 points to 29,214. It briefly soared 323 points to an intra-day high of 29,341, thanks to the strong rally of Tencent, which broke above HK$400 mark.
The Hang Seng Index ended up 180 points or 0.6% to 29,199. The H-share index also rose 74 points or 0.6% to 11,608. Turnover increased to HK$119.6 billion from HK$113.9 billion on Thursday.
The northbound quota balance of the "Shanghai-HK Connect" program was RMB15.338 billion, exceeding the daily allowed quota of RMB13 billion. It indicated a net outflow of RMB2.338 billion. The southbound quota balance was RMB7.927 billion, accounting for 75.5% of the daily allowed quota of RMB10.5 billion.
As for the Shenzhen-HK Connect, the northbound quota balance was RMB12.036 billion, accounting for 92.6% of the daily allowed quota of RMB13 billion. The southbound quota balance was RMB9.299 billion, accounting for 88.6% of the daily allowed quota of RMB10.5 billion.
Tencent (00700) gained 2.9% to HK$403.4. The stock has attracted more than HK$10 billion of fund over the past two trading days. Yixin (02858), a 20.9%-owned unit of Tencent, saw renewed selling pressure. It dipped 3% to HK$7.87, but was still above its IPO price of HK$7.7. China Literature (00772), a spinoff from Tencent, softened 1.3% to HK$97.3.
Chinese insurers were mixed. Ping An (02318) rose 1.3% to HK$78.85 as investors expect the company may spin off Shanghai Lujiazui International Financial Asset Exchange (Lufax) for separate listing. But China Life (02628) edged down 0.2% to HK$26.85. PICC P&C (02328) dipped 1.5% to HK$15.68.
Chinese financials led the rally today. CCB (00939) added 1.8% to HK$6.81. CM Bank (03968) rose 3.3% to HK$31.3. BOC (03988) gained 0.3% to HK$3.78.
Wharf (00004) went ex-rights and Citi Research lowered its target price to HK$41 from HK$100. It dived 5.2% to HK$25.5, becoming the worst blue-chip loser.
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