Hong Kong stocks rose on Friday, buoyed by further gains in mainland China markets and expectations of fresh money inflows from Chinese investors.
The Hang Seng index jumped 1.7 percent, to 27,992.83, posting a weekly gain of 0.6 percent. The China Enterprises Index rallied 2.1 percent, to 14,433.36 points.
Lu Wenjie, a strategist at UBS Securities, estimated that Chinese investors could potentially pump 200 billion yuan ($ 32.27 billion) into Hong Kong stocks in the next two to three quarters.
The Chinese government, facing the daunting task of managing a stock market bubble, will likely take steps to channel excessive liquidity into the Hong Kong market, Lu said in a strategy report.
Shares of Goldin Financial Holdings dropped 3.2 percent, but Goldin Properties Holdings bounced, rising 4.9 percent. The two stocks fell as much as 60 percent in the previous session.
Lenovo Group Ltd shares tumbled 4.4 percent, after the world’s biggest PC maker by sales on Thursday missed analyst forecasts for its annual net profit.
Source : Reuters