Hong Kong shares post best gain in 7 weeks, Tencent jumps
HONG KONG May 12 (Reuters) - Hong Kong shares posted their highest gain in seven weeks on Monday, boosted by local property developers amid speculation the government may relax the city's stamp duty rules.
The Hang Seng Index finished up 1.8 percent at 22,261 points, its best day since March. 24. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong rose 1.5 percent.
Leading gains was Internet giant Tencent Holdings Ltd , which jumped more than 5 percent ahead of its first quarter earnings due on Wednesday.
Property developers soared, with Cheung Kong Holdings , controlled by billionaire Li Ka-shing, and Henderson Land both rising 4.1 percent.
Analysts and local media said a change in the stamp duty that was doubled to curb a risk of a bubble in the sector, would be favourable to property developers.
(Reporting by Grace Li; Editing by Jacqueline Wong)
© Thomson Reuters 2017 All rights reserved.