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Hong Kong main index closes at a high

Monday, August 25 09:22:29

Hong Kong's benchmark index finished at a new more-than-six-year high on Monday, reversing midday losses as financial and energy companies strengthened on corporate earnings.

The Hang Seng Index rose 0.2 percent to 25,166.91 points, its highest close since May 21, 2008. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong added 0.5 percent.

Chinese oil firms were key outperformers, lifted by a 36 percent rise in second-quarter profit by Sinopec Corp, which climbed 4.3 percent.

CNOOC gained 1.2 percent and PetroChina 0.9 percent.

Some other H-shares were also boosted by good earnings. Sinopharm Group, China's largest drug distributor, rose 3.3 percent to a 17-month closing high.

Great Wall Motor spiked 3.7 percent despite a small drop in net profit during the first half of the year. Nomura said in a note on Monday that it maintains a "buy" rating for the stock in anticipation of improving sales that will regain investor confidence. (Reuters)

For more visit: www.businessworld.ie