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Markets

Hong Kong shares edge up on consumer and material boost; post third consecutive weekly gain

  • The sub-index of the Hang Seng tracking material stocks gained 2.74pc, while the consumer staple sub-index ended 1.69pc higher on Friday.
20 Nov 2020

BEIJING/SHANGHAI: Hong Kong shares edged up on Friday to post their third consecutive weekly advance, led by consumer and material stocks, tracking mainland gains on upbeat data and policy support during the week.

At the close of trade, the Hang Seng index was up 94.57 points or 0.36pc at 26,451.54.

The Hang Seng China Enterprises index fell 0.02pc to 10,553.35.

The sub-index of the Hang Seng tracking material stocks gained 2.74pc, while the consumer staple sub-index ended 1.69pc higher on Friday.

The top gainer on the Hang Seng was WuXi Biologics Inc, which gained 5.57pc, while the biggest loser was China Overseas Land & Investment Ltd, which fell 3.79pc

For the week, HSI rose 1.13pc, while HSCE up 0.1pc, as investors cheered news of Beijing's pledge to boost domestic consumption and promote an innovation-driven growth model to salvage a pandemic-ravaged economy.

China will promote economic growth to a "reasonable" range while pursuing higher quality development, Premier Li Keqiang was quoted as saying on Tuesday night by state radio.

Li also pledged expanded consumption of cars and consumption in rural areas, according to a report by state broadcaster CCTV, which boost recovery hopes.

China's main Shanghai Composite index closed up 0.44pc at 3,377.73 points, while the blue-chip CSI300 index ended up 0.31pc.

Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.52pc, while Japan's Nikkei index closed down 0.42pc.