Hong Kong shares rise again as street protests fade

martes 7 de octubre de 2014 04:15 GYT
 

HONG KONG Oct 7 (Reuters) - Hong Kong shares finished higher for a third day in a row on Tuesday, with investor confidence recovering as pro-democracy demonstrations eased in the wake of a meeting between protest leaders and government officials.

The Hang Seng Index rose 0.5 percent to 23,422.52 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong was 0.6 percent higher.

Some local retail-related stocks were weaker, as lingering protests disrupted operations and drove away tourists.

In a statement late on Monday, the Hong Kong Retail Management Association said the drop in retail sales during the "Golden Week" holiday in China ranged from 15 percent to more than 50 percent. Sectors that took the biggest hits included watches and jewellery, fashion, accessories and catering.

The leading percentage winner among H-shares was China Cinda Asset Management Co, which spiked 4.5 percent after Goldman Sachs raised the target price of its shares to HK$4.60 from HK$4.48.

Chinese property developers felt profit-taking pressure after some solid gains the previous two sessions, lifted by China's move to relax home-loan rules.

Greentown China Holdings and Country Garden Holdings shed 1.8 and 2.6 percent, respectively.

Mainland markets, closed since Oct. 1, reopen on Wednesday. (Reporting by Grace Li; Editing by Richard Borsuk)