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    Hong Kong stocks end higher as China GDP data signals economic recovery

    Synopsis

    At the close of trade, the Hang Seng index was up 176.57 points or 0.61 per cent at 28,969.71. The Hang Seng China Enterprises index rose 1.12 per cent to 11,027.51.

    Asian sharesAgencies
    Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.47 per cent, while Japan's Nikkei index closed up 0.14 per cent.
    Hong Kong stocks climbed on Friday to end the week higher, underpinned by strong GDP growth data pointing to a continued recovery in China's economy.

    At the close of trade, the Hang Seng index was up 176.57 points or 0.61 per cent at 28,969.71. The Hang Seng China Enterprises index rose 1.12 per cent to 11,027.51.

    The sub-index of the Hang Seng tracking energy shares rose 2.3 per cent, while the IT sector climbed 1.55 per cent, the financial sector ended 0.19 per cent lower and the property sector rose 0.11 per cent.

    For the week, HSI was up 0.9 per cent, while HSCE firmed 0.5 per cent.

    China's economic recovery quickened sharply in the first quarter from a coronavirus-induced slump earlier last year, propelled by stronger demand at home and abroad and continued government support for smaller firms.

    GDP jumped a record 18.3 per cent in the first quarter from a year earlier, official data showed on Friday, slower than the 19 per cent forecast by economists in a Reuters poll, and following 6.5 per cent growth in the fourth quarter last year.

    The market would remain range-bound for the short-term, as China's monetary policy remains adequately balanced now, CITIC Securities Brokerage (HK) noted in a report.

    Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.47 per cent, while Japan's Nikkei index closed up 0.14 per cent.

    The yuan was quoted at 6.5225 per U.S. dollar at 08:17 GMT, 0.01 per cent weaker than the previous close of 6.5216.

    At close, China's A-shares were trading at a premium of 32.33 per cent over Hong Kong-listed H-shares.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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