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Hong Kong stocks rise most in six weeks as energy shares advance

Hong Kong stocks

Hong Kong stocks climbed the most in six weeks as China Shenhua Energy Co. and PetroChina Co. led gains by energy companies and insurers rallied.

The Hang Seng Index rose 1.3 per cent to 22,419.58 at 1:26 p.m. local time. PetroChina jumped 4.2 per cent and China Petroleum & Chemical Corp. advanced the most in three weeks after crude advanced. AIA Group Ltd. increased 2.6 per cent. The Shanghai Composite Index was little changed.

Hong Kong equities are starting 2017 on a brighter note after tumbling last month. Federal Reserve meeting minutes released Wednesday indicated officials intended to maintain a gradual approach to raising interest rates, while the offshore Yuan surged.

“Worries about a softer Yuan eased and capital outflow pressure may be cushioned as the Fed indicates preference for gradual rate hikes,” said Castor Pang, head of research at Core-Pacific Yamaichi.

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Paul

The author Paul