GO
Loading...

Hong Kong shares end up 1.3 pct at 15-month closing high

HONG KONG, Nov 2 (Reuters) - Hong Kong shares had their best week in seven on Friday, with the Hang Seng Index hitting a 15-month high as fund inflows buoyed hopes of further gains by year-end and encouraged investors to build riskier positions.

The Hang Seng Index rose 1.3 percent on Friday, with the close of 22,111.33 being the highest since Aug. 2, 2011. The index rose 2.6 percent this week, its best week since Sept. 10-14.

The China Enterprises Index of the top Chinese listings in Hong Kong rose 1.2 percent on the day and 3.7 percent this week.

In the mainland, the CSI300 Index of the top Shanghai and Shenzhen listings rose 0.4 percent on the day and 2.6 percent for the week. The Shanghai Composite Index gained 0.6 percent on Friday and 2.5 percent this week.

HIGHLIGHTS:

* Bourse operator Hong Kong Exchange (HKEx) rose 2.3 percent on anticipation that inflows would continue. Hong Kong has no plans to change its currency peg against the U.S. dollar, a government official said on Friday, dismissing talk of the authorities rethinking policy after being forced into heavy sales of the Hong Kong dollar to curb its strength.

* Sands China surged 6.3 percent, tracking a Macau casino sector jump after gambling revenue there rose a better-than-expected 3.2 percent in October year-on-year.

* China-focused jeweller Chow Tai Fook soared 9.6 percent in heavy volume, leading gains in the consumer sector, partly motivated by positive Hong Kong September retail sales figure released late on Thursday.

WEEK AHEAD:

* China's 18th National Congress meeting will start on Nov. 8, where the country's once-in-a-decade political transition will commence as the Chinese Communist Party elects the party's new leaders.

* Beijing is expected to post October data for inflation, urban investment, industrial output and retail sales on Nov. 9, with trade data expected on Nov. 10 and money supply and loan growth data anytime between Nov. 10 and 15.