Hong Kong Stocks Rise to One-Year High on Flood of Mainland Cash
- China allows insurers to invest in city’s shares via link
- Move will add a lot of liquidity to market, JK Life says
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Hong Kong shares rose to their highest level since August last year as financial companies rallied and mainland Chinese investors extended a buying spree.
The Hang Seng Index added 0.8 percent, paring an advance of almost 2 percent. China Life Insurance Co. and Hong Kong Exchanges & Clearing Ltd. paced gains after mainland regulators said insurers will be allowed to invest in the city’s equities through an exchange trading link with Shanghai. Galaxy Entertainment Group Ltd. led a charge by casino companies, while the Hang Seng China Enterprises Index climbed to the highest since November.