Hong Kong Stocks Rise Toward Biggest Weekly Gain Since January
Hong Kong stocks rose, with the benchmark index headed for its biggest weekly gain since January, after jobless claims in the U.S. declined and companies from China Life Insurance Co. to Bank of China Ltd. (3988) reported higher profits.
China Life, the nation’s biggest insurer, and Bank of China, its fourth-largest lender, climbed at least 1.1 percent. Li & Fung Ltd. (494), a supplier to Wal-Mart Stores Inc., rose 1.2 percent. BYD Co., the Chinese automaker partially owned by Warren Buffett’s Berkshire Hathaway Inc., jumped 6.4 percent after forecasting a surge in first-half profit.
The Hang Seng Index (HSI) advanced 1 percent to 22,620.36 as of 9:46 a.m. in Hong Kong, with about eight companies climbing for each that dropped. The gauge is headed for a 2.8 percent gain for the week. The Hang Seng China Enterprises Index of Chinese companies listed in the city advanced 1.2 percent to 10,903.84. China’s markets will be closed for the first three days of next week for public holidays.
Hang Seng Index futures rose 1 percent to 22,646. The HSI Volatility Index (VHSI) gained 2.5 percent to 16.85, indicating traders expect a swing of 4.8 percent for the equity benchmark in the next 30 days.
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