Hong Kong Main Index Closes At Highest Since May 2008

Hong Kong’s benchmark index finished at a new more-than-six-year high on Monday, reversing midday losses as financial and energy companies strengthened on corporate earnings.

The Hang Seng Index rose 0.2 per cent to 25,166.91 points, its highest close since May 21, 2008. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong added 0.5 per cent.

Chinese oil firms were key outperformers, lifted by a 36 per cent rise in second-quarter profit by Sinopec Corp, which climbed 4.3 per cent.

CNOOC gained 1.2 per cent and PetroChina 0.9 per cent.

Some other H-shares were also boosted by good earnings. Sinopharm Group, China’s largest drug distributor, rose 3.3 per cent to a 17-month closing high.

Great Wall Motor spiked 3.7 per cent despite a small drop in net profit during the first half of the year. Nomura said in a note on Monday that it maintains a “buy” rating for the stock in anticipation of improving sales that will regain investor confidence.