HONG KONG (AFP) – Shares in Hong Kong and Shanghai extended their recent rally Friday as traders poured in vast amounts of cash in hope of fresh economy-boosting measures from the Chinese central bank.
The Hang Seng Index rose 0.71 per cent, or 170.08 points, to 24,002.64 on turnover of HK$147.76 billion ($19.06 billion).
In mainland China, the benchmark Shanghai Composite Index jumped 1.32 per cent, or 38.19 points, to 2,937.65 – its highest since April 2011 – on turnover of 639.2 billion yuan ($104.2 billion). The index rose 9.50 per cent over the week.
But the Shenzhen Composite Index, which tracks stocks on China’s second exchange, fell 1.84 per cent, or 27.33 points, to 1,454.63 on turnover of 411.3 billion yuan. It gained 2.42 per cent for the week.
Combined turnover of the Shanghai and Shenzhen markets reached a record 1.05 trillion yuan on Friday.