Prada bucks trend for new shares

Hong Kong: Prada was little changed on its debut after completing Hong Kong’s biggest initial public offering this year, bucking the trend of declines for newly issued shares in the city.

The luxury goods maker’s stock closed at HK$39.60, up 0.25%, after climbing as much as 1.3%. The benchmark Hang Seng Index gained 1.9%, its biggest rally in more than three weeks, after a 4.6% slide in oil prices in New York Thursday boosted the outlook for economic growth.

The maker of Miu Miu bags and Church’s shoes raised HK$16.7 billion (€1.47bn) last week after pricing near the low end of a targeted range.