The Hang Seng Index added 0.5 per cent to 17,741.13 as of 9.48am local time, extending last week’s 8.8 per cent gain, its best performance since 2011.
The Hang Seng Tech Index also advanced 0.5 per cent and the Shanghai Composite Index retreated 0.1 per cent.
“Value of new business grew at a double-digit rate across all reportable segments and margin expansion was driven by favourable shifts in product mix,” said Jefferies analysts in a post-earnings report. “AIA has surprised us by adding another US$2 billion to the existing US$10 billion buy-back. This uplift is even more material when set against the [around] US$3.3 billion (of the US$10 billion) which was due to be returned in 2024.”
China Resources Land posts profit increase, sees stability ahead for sector
China Resources Land posts profit increase, sees stability ahead for sector
The Hang Seng Index has risen more than 7 per cent this month, making it the best performer among the key equity gauges globally in the span. Stretched valuations of the US and Indian stocks have prompted global fund managers to recalibrate their portfolios to relatively cheap Hong Kong stocks, while mainland traders have also ramped up buying.
Investors will also track official comments following the US Federal Reserve’s policy meeting on Wednesday. The world’s biggest central bank is expected to leave the interest rates unchanged after its preferred gauge of inflation largely came in line with projections in April.
Other major Asian markets were mixed. South Korea’s Kospi rose 0.8 per cent and Australia’s S&P/ASX 200 added 0.5 per cent, while Taiwan’s Taiex index advanced 1.2 per cent. Japan’s market is closed for a holiday.