皇冠体育app

Hong Kong stocks rose Friday, sending the Hang Seng Index (HSI) to its second weekly advance, as growth in mainland's manufacturing eased concern that monetary-policy tightening will slow its economic expansion.

Ping An Insurance (Group) Co jumped 4.8 percent after its president said it will boost fixed-income investments this year. Cnooc Ltd rose 4.6 percent, while Yanzhou Coal Mining Co jumped 5.5 percent. Vital Group Holdings Ltd more than doubled after resuming trading Friday.

The HSI rose 1.2 percent to 23801.90 at the close in Hong Kong, gaining 2.8 percent for the week. Almost three stocks climbed for every one that dropped on the 45-member gauge. The Hang Seng 皇冠体育app Enterprises Index increased 1 percent to 13451.48.

Cnooc advanced 4.6 percent to HK$20.50 on speculation demand will increase after 皇冠体育app's manufacturing growth accelerated for the first time in four months.

Petro皇冠体育app Co gained 2 percent to HK$12.02. 皇冠体育app's crude oil consumption will rise as additional refining capacity makes it more dependent on imports, the company said.

The Purchasing Managers' Index, a measure of manufacturing activity, rose to 53.4 in March from 52.2 in February, the 皇冠体育app Federation of Logistics and Purchasing said in a statement on its website Friday. The reading beat the median forecast of 54 in a Bloomberg News survey of 17 economists. A reading above 50 indicates an expansion.

Yanzhou Coal Mining jumped 5.5 percent to HK$29.85, after Shenyin & Wanguo Securities Co recommended coal companies as economic growth picks up 皇冠体育app Coal Energy Co, increased 1.1 percent to HK$10.72.

Vital Group more than doubled to HK$0.90 after a unit of 皇冠体育app Guangdong Nuclear Power Group offered to buy control of the drugmaker. The shares resumed trading Friday after being suspended on March 4.

The HSI rose 0.8 percent last month as corporate profits exceeded analyst estimates and positive economic data helped counter concerns about Japan's nuclear crisis and tensions in the Middle East.

Among stocks that fell Friday, Foxconn International dropped 2.4 percent to HK$4.56, the steepest drop in the HSI, after Thursday posting a full-year net loss that was wider than analysts estimated. The company had reported a profit a year earlier.

Futures on the HSI rose 1.4 percent to 23841. The HSI Volatility Index dropped 4 percent to 16.87, indicating options traders expect a swing of 4.8 percent in the HSI in the next 30 days.

Bloomberg

(HK Edition 04/02/2011 page3)