Hong Kong's Hang Seng Index ended at a new high, up for the sixth week in a row, led by property shares, as mainland money gushed into the city. HSCE, an index tracking mainland companies, registered a 16-day winning streak. Chinese investors used up 42 percent of the daily quota under the Shanghai-Hong Kong Stock Connect.
At close of trade on Friday, the Hang Seng index was up 132.95 points or 0.41 percent at 32,254.89. For the week, the index rose 2.7 pct. The Hang Seng China Enterprises index rose 0.65 percent to 13,179.52. The sub-index of the Hang Seng tracking energy shares rose percent while the IT sector rose 1.03 percent, the financial sector was 0.16 percent higher and property sector rose 1.75 percent.
The top gainer on Hang Seng was China Resources Land Ltd up 7.4 percent, while the biggest loser was Hengan International Group Company Ltd which was down 3.32 percent. So far this year, the Hang Seng index is up 7.36 percent, while China's H-share index is up 11.8 percent. The top gainers among H-shares were Air China Ltd up 4.12 percent, followed by Anhui Conch Cement Co Ltd gaining 4.09 percent and Huatai Securities Co Ltd up by 3.71 percent.
The three biggest H-shares percentage decliners were New China Life Insurance Co Ltd which was down 3.47 percent, China Life Insurance Co Ltd which fell 1.7 percent and CRRC Corp Ltd down by 1.0 percent. About 3.00 billion Hang Seng index shares were traded, roughly 149.2 percent of the market's 30-day moving average of 2.01 billion shares a day. The volume traded in the previous trading session was 3.86 billion. The price-to-earnings ratio of the Hang Seng index was 14.64 as of the last full trading day while the dividend yield was 2.7 percent.
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