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Friday, September 9, 2016, 16:47

Shares post best week since mid-July

By Reuters

Hong Kong stocks were lifted again on Friday by inflows from the mainland, helping the benchmark index have its best week in nearly two months.

The Hang Seng Index rose 0.8 percent, to 24,099.70, while the China Enterprises Index gained 0.5 percent, to 10,057.97 points.

For the week, the HSI rose 3.6 percent, the biggest weekly gain since July 11-15.

Yield-hungry mainland investors have stepped up buying Hong Kong stocks over the past two weeks through the Shanghai-Hong Kong Stock Connect scheme, seeking to front-run an investment link between Shenzhen and Hong Kong to be launched as soon as November.

By Friday's close, 6.1 billion yuan ($913.2 million) or nearly 58 percent of the daily southbound quota of the scheme had been used, the highest level for a single day since April 2015.

Weekly inflows into Hong Kong through the scheme amounted to nearly 24.9 billion yuan, also the most since April last year.

The tide of funds got another boost after China's regulator said on Thursday the country's insurers can now buy Hong Kong shares via the Shanghai-Hong Kong Connect program, expanding their overseas investment channels.

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