October 6, 2016 / 5:02 AM / 2 years ago

Hong Kong stocks rise, led by financials; Lenovo up

HONG KONG, Oct 6 (Reuters) - Hong Kong stocks rose on Thursday, lifted by financial and resource shares, following an overnight surge in oil prices and support as some investors built positions ahead of next week’s reopening of the China market.

The benchmark Hang Seng Index climbed 0.5 percent at 23,902.69 points while the China Enterprises Index gained 1 percent to 9,907.64 points.

China’s stock market is closed all this week for the National Day holiday. It reopens on Monday.

“Players started to build up their position ahead of the reopening of the China market,” said Alex Wong, Hong Kong director of Ample Finance Group, adding that “the underlying tone is seen as solid,”

Shares of China’s Lenovo Group Ltd rose 2.5 percent on media reports that it is in talks to bring Fujitsu Ltd’s personal computer business under its control.

A sub-index measuring Hong Kong financial stocks rose 0.8 percent. Shares of China Shenhua and PetroChina climbed more than 3.5 percent, and China Life was up 2.4 percent.

Chinese property stocks slid on concern over further cooling measures to curb mainland property prices.

China Resources Land fell 1.9 percent. China Evergrande and China Overseas Land were down about 1.5 percent.

China’s eastern city of Nanjing announced further measures to curb its property market, the city government said on Wednesday, just 10 days after it limited the number of homes residents could purchase. (Reporting by Donny Kwok; Editing by Richard Borsuk)

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