Hong Kong stocks inched higher Thursday thanks to some strong earnings reports after Wednesday’s pullback.
At the close of trading today, the Hang Seng Index gained 133 points to 28,755.34 points.
Beijing-based China Life Insurance (HKEX: 02628; NYSE: LFC) rose 1% to HK$15.76 per share on Thursday after it said its bottom line for the first quarter “may have” grown as much as 75% year-over-year, according to the South China Morning Post. Telecommunications giant China Unicom (HKEX: 00762) gained 1% to HK$4.57 per share after posting a 21% jump in profit in the first quarter.
One of the biggest winners on the HSI today was ANTA Sports Products (HKEX: 02020; OTC: ANPDF). The sportswear company sometimes referred to as the Nike (NYSE: NIKE) of China, watched its stock rebound 3% after plunging Wednesday on its controlling shareholder selling about 3% stake.
The benchmark's biggest loser today was carmaker Geely Automobile (OTC: GELYF; HKEX: 00175), whose stock slid 2% to HK$22.10 per share.
In the next week, 12 firms on the HSI are set to post their earnings including investment bank HSBC (HKEX: 00005; OTC: HBCYF) and the Hong Kong Exchanges and Clearing (HKEX: 00388; OTC: HKXCY).
“The year of 2021 would be a game of earnings and valuations,” Wang Jun, an analyst at BOC International in Shanghai said, as cited by the SCMP.
“As long as earnings growth holds up and liquidity tightening doesn’t overstep expectations, there’s a low chance of a systemic risk for stocks.”
In mainland China today, stocks closed lower. The SSE Composite Index finished 8 points lower, CSI 300 Index closed down 10 points.