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Hong Kong stocks have best week in two months, helped by Chinese money inflows
May 12, 2017 / 8:23 AM / in 5 months

Hong Kong stocks have best week in two months, helped by Chinese money inflows

SHANGHAI, May 12 (Reuters) - Hong Kong stocks hovered near 21-month highs on Friday, and posted their biggest weekly gain in two months, helped by continuous inflows from mainland China.

The Hang Seng index on Friday rose 0.1 percent, to 25,156.34, while the China Enterprises Index gained 0.2 percent, to 10,282.65 points.

For the week, the Hang Seng gained 2.8 percent, while HSCE rose 2.6 percent.

Sentiment was somewhat hurt by a downbeat day on Wall Street but Chinese investors on Friday continued to lend support, using 23 percent of the daily quota under the southbound leg of the Shanghai-Hong Kong Stock Connect to buy Hong Kong shares.

Market performance was mixed, with materials and utility shares falling, while IT stocks firmed.

Shares of China Yongda Automobiles Services Holdings Ltd slumped over 8 percent to the lowest in nearly five weeks, after unveiling a $112.9 million share sale plan. (Reporting by the Shanghai Newsroom; Editing by Richard Borsuk)

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