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Hong Kong shares touch 9-month high on Wall Street strength

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Hong Kong shares powered to a nine-month high on Friday, taking cues from Wall Street’s records overnight, with energy shares leading the charge on higher oil prices.

The benchmark Hang Seng index rose 0.8 per cent, to 22,766.91, while the China Enterprises Index gained 1.4 per cent, to 9,554.85 points.

For the week, HSI gained 2.8 per cent while HSCE jumped 4.6 per cent.

Overnight performance in U.S. stocks lifted sentiment. The S&P 500, the Dow Jones Industrial Average and Nasdaq all closed at historic highs on Thursday for the first time since 1999, on higher crude oil and upbeat corporate results.

The Hang Seng, which trades at half the valuation of Dow or S&P, has climbed roughly 25 per cent from this year’s low in mid-February.

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Paul

The author Paul