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Hong Kong shares close at 7-yr high on hopes of fresh inflows

04/10/2015 | 04:25am EST
A man walks inside the Hong Kong Exchange in Hong Kong

(Reuters) - Hong Kong stocks closed on Friday at a seven-year high, posting their biggest weekly gain in more than three years, as the city's bourse expects investment quotas for mainland investors to rise by over 30 percent to accommodate heavy capital inflows.

The Hang Seng index <.HSI> rose 1.2 percent, to 27,272.39, bringing the week's gain to 7.9 percent.

The China Enterprises Index <.HSCE> gained 1.7 percent, to 13,987.53 points, and produced a weekly gain of 10.5 percent.

On Friday, mainland investors used about half of the 10.5 billion yuan ($1.69 billion) daily quota for Hong Kong shares under the Shanghai-Hong Kong Stock Connect scheme. The quotas were fully taken up on Wednesday and Thursday.

Hong Kong Exchanges and Clearing Ltd (HKEx) (>> Hong Kong Exchanges and Clearing Limited) Chief Executive Charles Li told reporters on Friday that regulatory authorities have been discussing raising the quotas for a while.

"Firstly there definitely will be quota expansion and secondly the expansion will not simply be 20 or 30 percent," Li said.

Among the most actively traded stocks on Hong Kong's main board on Friday were CCT Land (>> CCT Land Holdings Ltd), down 5.3 percent to HK$0.02; GOME (>> GOME Electrical Appliances Holding Ltd.), up 11.5 percent to HK$2.03 and SMIC (>> Semiconductor Manufacturing Int'l), unchanged at HK$0.93.

Total trading volume of companies included in the HSI index was 3.4 billion shares.

(Reporting by Samuel Shen and Pete Sweeney; Editing by Richard Borsuk)


© Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
GOME RETAIL HOLDINGS LIMITED -6.06% 1.24 End-of-day quote.33.33%
GREATER BAY AREA INVESTMENTS GROUP HOLDINGS LIMITED 0.00% 0.01 End-of-day quote.0.00%
HANG SENG -0.08% 29937.42 Real-time Quote.9.94%
HONG KONG EXCHANGES AND CLEARING LIMITED 1.58% 515 End-of-day quote.21.18%
LAND CO., LTD. 12.50% 9 End-of-day quote.12.50%
LETS HOLDINGS GROUP CO., LTD. -0.27% 7.43 End-of-day quote.-4.50%
RISE, INC. 8.70% 25 End-of-day quote.4.17%
SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION -5.08% 28 End-of-day quote.26.70%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -0.66% 249.5492 Real-time Quote.3.17%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.12% 6.4695 Delayed Quote.-0.92%
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