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Financials help lift Hong Kong share index to highest close in 20 months
April 27, 2017 / 8:28 AM / 7 months ago

Financials help lift Hong Kong share index to highest close in 20 months

April 27 (Reuters) - Hong Kong’s benchmark stock index closed at its highest level in 20 months on Thursday as investor sentiment remained supported by prospects of better global growth and receding worries about political risks in Europe.

The market also drew support from continuous flows of money from mainland Chinese investors.

The Hang Seng index rose 0.5 percent to 24,698.48 points, its strongest close since August, 2015.

But the China Enterprises Index lost 0.6 percent to 10,261.25.

Gains in the Hang Seng bucked a weaker trend in other Asian markets as a long-awaited U.S. tax cut plan failed to inspire investors.

On Thursday, Chinese investors used rough one-fourth of the daily quota buying Hong Kong stocks via the Shanghai-Hong Kong Stock Connect, compared with just 1.8 percent in the other direction.

Financial shares rose 0.8 percent, but many other sectors fell.

An index tracking mainland properties slumped 2.2 percent on concerns that measures to cool heated home prices may remain in place for some time. (Reporting by the Shanghai Newsroom; Editing by Kim Coghill)

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