Hong Kong, China Stocks Claw Back Losses in Week End Rally

Hong Kong stocks closed up 1.05 percent and mainland China shares jumped 2.28 percent Friday, recovering ground after steep losses, as weaker-than-expected China trade data raised hopes for more stimulus policies.

The Hang Seng index rose 287.37 points to 27,577.34 on turnover of HK$ 139.13 billion ($ 17.94 billion), a strong finish to a week when weakness on Wall Street and fears the mainland market is headed for a correction had weighed on shares. The index was down 1.98 percent over the week.

But the star gainer was the Shanghai Composite Index, which climbed 2.28 percent, or 93.71 points, to 4,205.92 on turnover of 559.6 billion yuan ($ 91.5 billion). The performance pared back losses for the index, but it was still 5.31 percent lower over the week.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, surged 4.17 percent, or 90.87 points, to 2,272.17 on turnover of 512.9 billion yuan. It gained 0.19 percent for the week.

China’s exports dropped 6.4 percent year-on-year in April to $ 176.3 billion, the customs authority said well below the median forecast of a 0.9 percent rise in a Bloomberg News poll of economists.

The fall was accompanied by a 16.2 percent drop in imports to $ 142.2 billion.

Source : AFP

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