Hong Kong shares up, H-shares in biggest weekly gain in 2 years

Posted by Reuters

Share on Facebook

Tweet on Twitter

Chinese shares listed in Hong Kong outperformed markets in the mainland and most of Asia ex-Japan on Friday, as strength in growth-sensitive stockshelped the H-share index have its biggest weekly gain in nearly two years.

The China Enterprises Index of the top Chinese listings finished up 1 percent on the day and up 7 percent on the week, its biggest weekly rise since early December 2011. H-shares are now trading at their biggest premium over A-shares in three years.

The Hang Seng Index was up 0.5 percent at 23,696.3 points and up 2.9 percent for the week, but was just shy of the year’s intra-day high at 23,944.7.

Shares of Fosun Pharmaceutical and its parent Fosun International tumbled on speculation the chairman of the parent company was under investigation, but their falls for the day were pared after Fosun International said the rumor was baseless.