Hong Kong's Hang Seng Index Drops; PICC Rises in Debut
Hong Kong’s Hang Seng Index (HSI) fell as utilities declined. Most shares gained in the broader measure before the release of Chinese economic data this weekend, and as People’s Insurance Company (Group) of China Ltd. surged on its trading debut.
About seven stocks climbed for every four that dropped in the Hang Seng Composite Index. The Hang Seng Index slid 0.3 percent to 22,191.17 at the close, reversing earlier gains in late trading. The gauge rose 0.7 percent for the week, its 11th weekly gain in 14 weeks. Trading volume swelled to about 30 percent above the 30-day average, according to data compiled by Bloomberg. The Hang Seng China Enterprises Index of mainland companies climbed 0.5 percent to 10,919.24.
Futures on the Hang Seng Index advanced 0.2 percent to 22,276. The HSI Volatility Index (VHSI) rose 1.5 percent to 15.85, indicating traders expect a swing of 4.5 percent for the equity benchmark in the next 30 days.
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