CORRECTED-Hong Kong stocks rebound for 2nd day as Beijing measures show effect

viernes 10 de julio de 2015 04:34 GYT
 

(Corrects to add dropped words "last year" in second paragraph)

HONG KONG, July 10 (Reuters) - Hong Kong stocks surged for the second day on Friday to trim losses for the week, tracking the turnaround in China's markets after Beijing unleashed a series of support measures staunch losses after a worryingly steep decline.

The Hang Seng index rose 2.1 percent to end the day at 24,901.28 points, but was down 4.5 percent for the week in its biggest weekly decline since mid-March last year.

The China Enterprises Index climbed 3.6 percent in its best day since April 13. Closing at 11,858.55 points, it was still down nearly 6 percent for the week, the worst performance since May 2012.

China stocks rallied strongly for a second day, reversing an early-week slump in frenetic trading.

Analysts said it was still early to conclude the impact of the government's support measures and the longer term effect had yet to be seen.

CITIC Ltd led gains in the Hong Kong blue-chip index, surging 9 percent. It was followed by China Life Insurance, climbing 6.6 percent and Ping An Insurance , which was up nearly 5 percent.

BYD Co Ltd led rises in the China companies index, soaring 11.1 percent. It was followed by Haitong Securities with a 9.8 percent increase, and PICC Property and Casualty, up 7.6 percent. (Reporting by Donny Kwok; Editing by Simon Cameron-Moore)