July 10, 2017 / 8:28 AM / a year ago

Hong Kong stocks follow Wall Street rally higher after jobs data

SHANGHAI, July 10 (Reuters) - Hong Kong stocks ended firmer on Monday, as local stocks tracked gains in Wall Street, which climbed on better than expected U.S. jobs data.

The Hang Seng index rose 0.6 percent, to 25,500.06 points, while the China Enterprises Index lost 0.4 percent, to 10,214.58 points.

Sentiment was also aided by a surge in COSCO Shipping’s and Hong Kong’s Orient Overseas International Ltd’s (OOIL) shares after the Chinese shipping giant made a $6.3 billion offer for its smaller rival on Sunday.

China Vanke slid 3.6 percent on its heaviest trading day in volume terms after an unnamed institutional investor launched a selldown worth about $260 million in the mainland’s second-largest property developer.

The southbound quota for the Shanghai-Hong Kong Connect , currently set at 10.5 billion yuan, saw net inflows of 1.54 billion yuan ($226.38 million).

The southbound leg of the Shanghai-Hong Kong Connect has seen strong inflows over the past two weeks, indicating mainland investors are looking for cheap stocks following a recent correction. ($1 = 6.8027 Chinese yuan) (Reporting by the Shanghai Newsroom; Editing by Sam Holmes)

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