HONG KONG: Hong Kong stocks rose marginally in morning trading on Friday, with a jump in oil prices giving a boost to the energy majors.
The Hang Seng Index rose 0.31 per cent, or 87.34 points, to 27827.05 in early trading, while the H-share index gained 0.85 per cent, or 124.81 points, to 14,844.94. The Shanghai Composite Index added almost 2 per cent to 4,278.1.9 in a fresh seven-year high.
Shares in PetroChina rose 1.7 per cent to HK$10.68, while CNOCC, the country’s largest offshore oil and gas producer, increased 1.5 per cent after the Brent crude price soared 6 per cent to US$63.98, its highest level this year.
Sinopec rose 1.3 per cent to a three-month high of HK$7.07, while Kunlun Energy, PetroChina’s natural gas distribution subsidiary, gained 0.8 per cent to HK$9.80.
Overnight, the S&P 500 Index dropped 0.1 per cent despite solid quarterly results from Goldman Sachs and Citigroup, reflecting worries over the health of European economies. Investors’ concerns over Greece were intensified after an informal approach by officials in Athens to the International Monetary Fund for a delay in loan repayments.
