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Hong Kong shares hit 5-week high as energy stocks gain
May 22, 2014 / 8:07 AM / 4 years ago

Hong Kong shares hit 5-week high as energy stocks gain

HONG KONG, May 22 (Reuters) - Hong Kong shares closed at their highest level in more than five weeks on Thursday, helped by strong gains in energy companies after China and Russia signed a massive gas deal.

Shares were also buoyed by a preliminary private survey that suggested China’s factory sector turned in its best performance in five months in May.

The Hang Seng Index closed up 0.5 percent at 22,953.76 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong rose 1.1 percent, both closing at their highest since April 14.

PetroChina rose 1.8 percent to its highest since November, while its natural gas distribution arm Kunlun Energy climbed 3.9 percent, the top gainer of the benchmark index.

China and Russia signed a $400 billion gas supply deal on Wednesday, securing the world’s top energy user a major source of cleaner fuel and opening up a new market for Moscow as it risks losing European customers over the Ukraine crisis.

Reporting by Grace Li; Editing by Kim Coghill

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