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Nikkei Markets

MARKET BUZZ: Hong Kong's HSI At 1-Week High; Insurers, Geely Automobile Lead

By Hong Kong Newsroom
NewsRise
HONG KONG (Jul 11) -- Hang Seng Index advances 1% to 25,746.58, paced by rally in insurers on positive growth outlook. Ping An Insurance Group rallies 1.7% to two-year high, China Life Insurance up 2.1%. "For institutional investors, big mainland insurers remain a strong bet as penetration ratio of insurance in China is quite low. This leaves plenty of room for earnings growth," CEB International Investment head of research Banny Lam says. "Also financials are a good cyclical play." AIA Group adds 2.8%. Geely Automobile up 1.2% after saying it expects significant increase of 100% in net profit for six months ended June 30. Industrial and Commercial Bank of China up 1.6%, pacing advance in mainland banks after PBoC resumes open market operations after 12-sessions, injecting 40 billion yuan ($5.9 billion) via 7-day and 14-day reverse repos, according to Reuters. Most Asian markets higher, U.S. markets mixed on Monday. Shanghai Composite slips 0.2% and onshore traded yuan little changed at 6.8046 against dollar.
- By Hong Kong Newsroom; hkeditorial@nikkeinewsrise.com; +852 3960 5102
- Edited by Nimesh Vora
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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