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Friday, August 5, 2016, 16:24

Shares join Asia rally on UK easing

By Reuters

SHANGHAI - Hong Kong's benchmark Hang Seng index posted its biggest rise in three weeks on Friday, joining a broad rally in Asian markets after the Bank of England launched a larger-than-expected monetary stimulus package.

Both the Hang Seng index and the China Enterprises Index gained 1.4 percent, to 22,146.09 and 9,131.52 points, respectively.

For the week, HSI was up 1.2 percent, while HSCE gained 1.9 percent

All major sectors rose on Friday.

Property shares were among the biggest gainers, aided by news that China Evergrande Group had bought a nearly 5 percent stake in rival developer China Vanke Co Ltd .

Evergrande jumped 5 percent, while Vanke rose 1.5 percent in Hong Kong.

HSBC Holdings Plc's Hong Kong-traded shares continued to rise, hitting six-month highs, in a rebound fuelled by the lender's announcement on Wednesday that it would buy back up to US$2.5 billion of its shares in the second half of 2016.

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