May 23, 2017 / 8:18 AM / a year ago

Hong Kong stocks at 22-month high, Tencent eases

SHANGHAI, May 23 (Reuters) - Hong Kong’s benchmark index inched up to a fresh 22-month high on Tuesday, buoyed by strong money flows from mainland China.

The Hang Seng index ended 0.1 percent higher, at 25,403.15 points, while the China Enterprises Index gained 0.2 percent, to 10,395.28 points.

The strength in Wall Street on Monday provided some relief after a flurry of U.S. political controversies rattled markets.

Hong Kong stocks also continued to benefit from Chinese money inflows via two cross-border investment schemes.

Data from brokerage Jefferies Hong Kong Ltd showed Chinese investors spent a net HK$12 billion ($1.54 billion) buying Hong Kong stocks last week via the Shenzhen-Hong Kong Stock Connect, marking the biggest inflow so far this year, and the 22nd week of net buying.

Under the other scheme, the Shanghai-Hong Kong Stock Connect, weekly net buying totalled HK$2.2 billion, an eight-week high.

Tencent, among mainland investors’ favourite stocks, surrendered earlier gains to end down 0.1 percent, retreating from a record high. The stock has jumped more than 40 percent so far this year.

$1 = 7.7864 Hong Kong dollars Reporting by the Shanghai Newsroom; Editing by Jacqueline Wong

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