Hong Kong Stock Index Rises 0.84 Percent
Hong Kong's Key Stock Index Rises 0.84 Percent As Traders Buy Chinese Financial Firms
HONG KONG (AP) -- Hong Kong shares rebounded Thursday after two days of losses as traders hunted for bargains among Chinese financial companies.
The blue chip Hang Seng Index rose 202.53 points, or 0.84 percent, to 24,187.10.
Analysts said the Hang Seng Index is likely to trade in a narrow range and may consolidate in the near term as the local market lacks short-term catalysts for further gains.
Chinese financial companies listed in Hong Kong gained as mainland stocks bounced back from a sharp decline the day before. The benchmark Shanghai Composite Index rose 1.7 percent to 3,471.74 points on Thursday.
In Hong Kong, Ping An Insurance rose 2.6 percent to 64.05 Hong Kong dollars after it fell 5 percent in the previous two sessions. China Life Insurance rose 1.9 percent to HK$29.55 after it dropped 5.2 percent in the last two days.
Bank of China advanced 2.5 percent to HK$3.66. Bank of Communications rose 1.5 percent at HK$10.02.
Industrial & Commercial Bank of China rose 1.5 percent to HK$5.98 after it said Thursday its first-quarter net profit rose more than 50 percent from the same period a year earlier due to steady growth across all its businesses.
Mobile giant China Mobile jumped 1.4 percent at HK$127.50.
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