Hong Kong shares close up 0.5 pct, post 3rd straight monthly gain
HONG KONG |
HONG KONG Nov 30 (Reuters) - Hong Kong shares neared 2012 highs on Friday after Chinese media reported Vice Premier Li Keqiang said urbanisation will drive most of the country's development in the next decade, helping benchmark indexes close out a third-straight monthly gain.
The Hang Seng Index closed up 0.5 percent on the day and up 1.8 percent on the month at 22,030.4, shy of 22,149.7, the intra-day high for the year. The China Enterprises Index of the top Chinese listings in Hong Kong rose 1.3 percent on Friday and 0.4 percent for the month of November.
The CSI300 of the top Shanghai and Shenzhen listings closed up 1.1 percent on the day and 5.1 percent for the month. The Shanghai Composite Index climbed 0.9 percent on Friday from its lowest closing levels in nearly four years, trimming losses in November to 4.3 percent.
* Offshore Chinese shares listed in Hong Kong outperformed onshore peers for a sixth-straight month. The Hang Seng Index A/H premium index hit its lowest close since June last year. It has closed below 100 on all but two sessions since mid-October, suggesting the premium that onshore shares once traded over their offshore peers has been wiped out.
* Chinese property, railway and other infrastructure-related counters were strong after comments from China's vice premier on the prominent role of urbanisation in the country's economic development in the next 10 years.
* Hong Kong Exchange (HKEx) slipped 0.8 percent after it raised $1 billion to fund its takeover of the London Metal Exchange. A new issue of 65.705 million shares was priced at HK$118 each, a 5.45 percent discount to its closing price on Thursday.
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