Hong Kong Stocks Rebound on Corporate Earnings; Sinopec Jumps 10%

MT Newswires Live10-30

Hong Kong stocks rose Friday, recovering from the previous session's losses as investors reacted to earnings and business updates from major Hong Kong-listed companies released post-market on Thursday.

The Hang Seng Index gained 335.77 points, or 1.5%, to 23,294.42, while the Hang Seng China Enterprises Index rose 106.56 points, or 1.4%, to 7,862.22.

Among individual stocks, China Petroleum & Chemical (HKG:0386), or Sinopec, jumped more than 10% after reporting third-quarter profit attributable to shareholders of 13.4 billion yuan, up from 8.5 billion yuan a year earlier. Operating income increased to 769.7 billion yuan from 704.4 billion yuan.

AIA Group (HKG:1299) rose more than 5% after reporting third-quarter value of new business of $1.42 billion, compared with $1.48 billion a year earlier. Its value of new business margin expanded to 63.5% from 58.2%, while annualized new premiums fell to $2.24 billion from $2.55 billion.

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