On the eve of the futures settlement date, Hang Seng Index surged 332 pts at most and eventually gained 268 pts or 1.1% to 24,111 at close; Hang Seng China Enterprises Index closed higher by 268 pts or 2.5% to 11,051. Market turnover was $87.6 billion.
Hang Seng China H-Financials Index (HFI) surged 3.6% and Mainland insurance stocks led gainers. CHINA LIFE (02628.HK) and NCI (01336.HK) shot up 7.2% and 8.5% respectively, becoming the outperformer among blue chips and HSCEI constituents.
PICC GROUP (01339.HK) surged 8.1%. CPIC (02601.HK), PING AN (02318.HK) and PICC P&C (02328.HK) jumped 3.6%-6.2%.
Chinese banking stocks also traded fairly well. MINSHENG BANK (01988.HK) rallied 5% and BANKCOMM (03328.HK) bounced 3.3%. Four big banks advanced 1.6%-2.4%. Moreover, AIA (01299.HK) and HSBC HOLDINGS (00005.HK) gained 1.5% and 1.2%, respectively.
A-share ETFs saw strong buying demand. X ISHARES A50 (02823.HK) closed higher by 2.9% with turnover reaching $4.06 billion. CSOP A50 ETF (02822.HK) surged 3.1%.
HKEX (00388.HK) perked up 1.9%. Brokerage stocks HAITONG SEC (06837.HK) and CITIC SEC (06030.HK) jumped 1.9% and 2.3% higher.
TENCENT (00700.HK) inched up 0.8%. CHINA MOBILE (00941.HK) and CHINA UNICOM (00762.HK) declined 0.1% and 0.3%. In addition, POWER ASSETS (00006.HK) rose 3.8%.
AAStocks Financial News
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