BOC Hong Kong rises to near 6-month high on strong earnings

Boc Hong Kong Holdings

01/04/2019 06:13

** Shares of BOC Hong Kong Holdings Ltd  2388.HK  rise as
much as 6.8 pct to HK$34.70, highest since Oct 10, 2018, after
the banking services group posts strong 2018 earnings
    ** Bank records 12 pct rise in 2018 net profit to HK$32 bln
($4.08 bln) with net operating income before impairment
allowances increasing 11 pct to HK$54.4 bln  urn:newsml:reuters.com:*:nFWN21F1A2
    ** China International Capital Corp (CICC) maintains "buy"
and lift target price by 16.2 pct to HK$50, saying it raises
growth forecast for bank's 2019 and 2020 profit amid strong
capital and potential business opportunities ahead
    ** CICC says bank's technological investment and virtual
bank licence may accelerate its pace of business expansion,
while development of the Greater Bay Area may offer new growth
opportunities
    ** As of last close, stock had risen 11.7 pct this year 
    ** The Hang Seng Finance Index  .HSNF  rises 1.9 pct, and
the Hong Kong benchmark index  .HSI  climbs 1.7 pct
($1 = 7.8496 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)