Hong Kong stocks rose for a ninth straight session on Friday, aided by strong gains by real estate firms, and the benchmark Hang Seng Index closed at a 10-year high. Chinese appetite for Hong Kong equities, ample cash supply and optimism over share reforms could propel the city's benchmark stock index up as much as 15 percent this year, after an already bullish run in 2017, fund managers and analysts say.
At close of trade, the Hang Seng index was up 78.16 points or 0.25 percent at 30,814.64. The Hang Seng China Enterprises index rose 0.07 percent to 12,211.63. For the week, HSI was up 3.0 percent, its fourth straight such gain and its best week since the one ended on October 6.
The sub-index of the Hang Seng tracking energy shares rose 0.8 percent while the IT sector rose 0.26 percent, the financial sector was 0.2 percent lower and property sector rose 2.32 percent. The top gainer on Hang Seng was Sino Land Co Ltd up 4.37 percent, while the biggest loser was Hengan International Group Company Ltd which was down 2.98 percent. So far this year, the Hang Seng index is up 2.73 percent, while China's H-share index is up 4.2 percent. As of the previous close, the Hang Seng has risen 2.73 percent this month.