Home > HK
Thursday, October 20, 2016, 16:35

Stocks inch up, helped by energy firms

By Reuters

Hong Kong shares closed up on Thursday, led by a jump in energy shares as mainland China raised retail prices of gasoline.

The Hang Seng index rose 0.3 percent, to 23,374.40, while the China Enterprises Index gained 0.5 percent, to 9,686.38 points.

Most sectors were little changed, while energy shares ore than 2 percent, lifted by sharp gains in Chinese oil giants CNOOC, Sinopec and PetroChina on the back of higher oil prices.

Mainland China's state planning agency raised retail prices of gasoline starting Thursday after a rally in the international crude oil price, which hovered near a 15-month high.

Investors were also taking stock of a slew of Chinese economic data released this week, including strong-than-expected loan growth in September, and third-quarter economic growth of 6.7 percent, which was in line with expectations.

Financials were stable after S&P Global Ratings said in a report on Thursday that the surge in credit by Chinese banks since early 2015 has supported the profitability of the country's banks, but it has also hit their capitalization, as well as the funding and liquidity profiles.

Latest News