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Hong Kong Stocks Rise on Tech, Property Gains; Henderson Land Jumps 7%

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Hong Kong stocks closed higher Friday, supported by gains in technology shares and strength in property and insurance stocks, as the earnings season continues.

The Hang Seng Index gained 310.97 points, or 1.2%, to close at 26,009.46, while the Hang Seng China Enterprises Index rose 86.50 points, or 1%, to 8,634.34.

Aside from a barrage of corporate earnings updates, sentiment was also supported by expectations of further fiscal measures in China, with Vice Finance Minister Liao Min saying the government would increase spending aimed at households and consumption to support domestic demand. Xinhua reported that the new package will be rolled out in the latter half of the year.

In company news, Henderson Land Development (HKG:0012) jumped more than 7% a day after reporting that first-half attributable profit increased to HK4.09billionfromHK2.91 billion a year earlier.

Ping An Insurance (Group) (HKG:2318) rose 4% after reporting a 36% increase in first-half attributable net profit to 92.6 billion yuan.

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