Yield-hungry investors push Hong Kong stocks to 8-month high; China shares dip

miércoles 10 de agosto de 2016 01:03 GYT

* CSI300: -0.2 pct; SSEC: -0.1 pct; HSI: +0.4 pct

* Hong Kong rally driven by liquidity, not fundamentals -trader

* Coal and steel sectors jump in China

* Property shares correct

SHANGHAI, Aug 10 (Reuters) - Hong Kong stocks climbed to a fresh eight-month high on Wednesday, as yield-hungry investors sought bargains in the backdrop of a slowing global economy and ultra-low interest rates.

But China shares slipped in morning trading, even as coal and steel sectors advanced on higher raw material prices.

Hong Kong's benchmark Hang Seng index added 0.4 percent by lunch break, to 22,558.45 points, hitting the highest level since late November. The Hong Kong China Enterprises Index gained 0.5 percent.

"Money is flowing into Hong Kong stocks because they're relatively cheap compared with bonds," said Alex Wong, Hong Kong-based director at Ample Finance Group.

"But since the rally is driven by liquidity, not fundamental factors, I suspect the market will lose upward momentum before long."   Continuación...