May 9, 2017 / 8:24 AM / a year ago

Hong Kong stocks rise to 21-month high as resource shares rebound

SHANGHAI, May 9 (Reuters) - Hong Kong stocks closed on Tuesday at the highest level in 21 months, aided by a sharp rebound in resource shares and continuous money inflows from mainland China.

Sentiment was also aided by signs of stabilisation in China stocks after sharp falls recently, with the benchmark Shanghai Composite Index snapping a five-day losing streak.

The Hang Seng index rose 1.3 percent, to 24,889.03, while the China Enterprises Index gained 1.5 percent, to 10,128.99 points.

Hong Kong bucked the trend in most Asian markets on Tuesday, as investors searched for the next catalyst following France’s presidential election.

Under the Shanghai-Hong Kong Stock Connect, roughly 15 percent of the daily quota was used in the southbound leg, as Chinese money continued to flow into Hong Kong shares.

Energy shares rose 1.4 percent as oil inched higher on expectations OPEC supply cuts will be extended. Raw material stocks jumped 2.1 percent. (Reporting by the Shanghai Newsroom; Editing by Jacqueline Wong)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below