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HK, mainland stocks gain on economic recovery signs

(Agencies)
Updated: 2009-07-02 16:55

Hong Kong and mainland-listed stocks rose on Thursday as strong manufacturing data from the mainland cemented investor confidence in the ongoing recovery in the world's third-largest economy.

Fan Gang, an economist who advises the central bank, late on Wednesday said China's economic recovery was sustainable and exports would be grow again, from a low base, by the end of the year.

Related readings:  Stocks soar on economic recovery hopes  Asian stocks extend record quarterly gain  Shares hit one-year high driven by financial stocks  Drug stocks on roller-coaster ride

Chinese insurers jumped on Thursday after the Shanghai Composite Index breached the 3,000-point level for the first time in more than a year in the previous session, raising hopes for strong investment income at insurance companies in 2009 after last year's market meltdown.

The world's largest insurer China Life advanced 1.8 percent to HK$29 in Hong Kong, while China's second-biggest insurance company Ping An climbed 4.7 percent to 54.70 yuan in Shanghai, extending Wednesday's 5.68 percent rise. The Shanghai benchmark index has risen over 66 percent so far this year amid expectations of an early turnaround in the Chinese economy.