Hong Kong's Hang Seng Index Rises Above 30,000 to Decade-High
- Tencent accounts for almost a third of the gauge’s 2017 gains
- Goldman Sachs, Bocom expect the rally to continue for now
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Hong Kong’s benchmark equity gauge rose above the 30,000 level for the first time in a decade as energy producers and Chinese developers climbed.
The Hang Seng Index gained 0.6 percent to 30,003.49 at the close. Hong Kong Exchanges & Clearing Ltd. was the top performer on the day after Morgan Stanley raise its price target and turnover on the bourse climbed to a two-year high. Among this month’s gainers, Tencent Holdings Ltd. has surged 22 percent, taking its market value above $500 billion, while Ping An Insurance Group Co. has jumped 23 percent amid optimism over its digital expansion.