HONG KONG – The Industrial and Commercial Bank of China (HKG:1398)’s stock gained 2.26 Percent in today’s trading session at the Hong Kong Stock Exchange, just three day’s after Moody’s assigned a (P)A3 long-term senior unsecured program rating to ICBCIL Finance Co Ltd’s US$5 billion medium-term note program.
Shares of ICBC (HKG:1398) opened at 4.97 but posted an intra-day low of 4.94 before it rallied to add 0.110 to its value. The stock traded at 4.98 at the close, beating its one month high of 4.91.
ICBC is principally involved in the provision of banking and related financial services.
The Bank mainly operates in corporate banking, personal banking and treasury businesses.
Its corporate banking business provides loan, trade financing, deposit, corporate finance, custody and other related financial products and services to enterprises, government agencies and financial institutions.
In addition, it also provides insurance services and other financial related services.
The Hang Seng Index, meanwhile, rallied to gain 0.46 percent in today’s trading, adding 103.89 points to its value, which closed at 22,48.80 points.
The Hang Seng Index joined its regional peers in posting gains today following the release of the minutes of the September meeting of the US Federal Reserves.
The release of the minutes sent Asian stocks rising on Friday as investors believe that the US central bank will increase interest rate before the end of this year. MSCI’s broadest index of Asia-Pacific shares, ex-Japan, was up 0.7 percent in early trading and was on its way to post a weekly gain of 5.7 percent. – BusinessNewsAsia.com