Hong Kong stocks post fourth week of gains as financials strengthen

China Taiping Insurance Holdings

23/10/2020 10:07

* HK->Shanghai Connect daily quota used 100%, Shanghai->HK
daily
quota used 6.6%
    * HSI +0.5%, HSCE +0.4%, CSI300 -1.3%
    * FTSE China A50 -0.7%

    Oct 23 (Reuters) - Hong Kong stocks closed higher on Friday
to post their fourth consecutive weekly advance, underpinned by
heavyweight financial firms, though gains were checked by
uncertainties including the U.S. election. 
    ** At the close of trade, the Hang Seng index  .HSI  was up
132.65 points, or 0.54%, at 24,918.78. The Hang Seng China
Enterprises index  .HSCE  rose 0.4% to 10,125.59.
    ** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 5.4%, while the IT sector  .HSCIIT  dipped 1.23%,
the financial sector  .HSNF  ended 1.15% higher and the property
sector rose 0.34%.
    ** The top gainer on the Hang Seng was CNOOC Ltd  0883.HK ,
which gained 7.27%, while the biggest loser was CSPC
Pharmaceutical Group Ltd  1093.HK , which fell 2.95%. 
    ** For the week, HSI gained 2.2%, while HSCE climbed 2.1%,
both posting their fourth week of gains.   
    ** Leading the gains, the Hang Seng financials index
 .HSCIF  rose 1.2%, having gained 3.7%, also its fourth weekly
advance.  
    ** Market received support from robust inflows via the Stock
Connect, as mainland investors purchased a net 4.2 billion yuan
worth of HK-listed shares on Friday, according to Refinitiv.  
    ** The Hang Seng index is expected to consolidate in the
range of 24,000-25,000 points, given external risk events
including the U.S. election, the global coronavirus outbreak and
the Brexit, Guodu Hong Kong noted in a report.  
    ** Market participants are keeping an eye on the U.S.
election, as President Donald Trump and Democratic challenger
Joe Biden offered sharply contrasting views on the still-raging
COVID-19 pandemic at the final presidential debate ahead of the
Nov. 3 election.  urn:newsml:reuters.com:*:nL1N2HD0U2 
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.26%, while Japan's Nikkei index
 .N225  closed 0.18% higher.
    ** The yuan  CNY=CFXS  was quoted at 6.6657 per U.S. dollar
at 08:19 GMT, 0.29% firmer than the previous close of 6.685. 

 (Reporting by the Shanghai Newsroom; Editing by Krishna Chandra
Eluri)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))