August 7, 2017 / 8:28 AM / a year ago

Hong Kong shares boosted by techs, China financials and resource plays

SHANGHAI, Aug 7 (Reuters) - Hong Kong stocks posted modest gains on Monday, buoyed by strength in technology firms as well as Chinese resource and financial shares.

The Hang Seng index ended up 0.5 percent at 27,690.36 points, while the China Enterprises Index gained 0.5 percent to 11,054.41.

Information technology firms were the top performers, with the sector index advancing 2.9 percent.

Social media and gaming giant Tencent Holdings Ltd rose 3 percent to close at a record high of HK$320.60.

Expectations that China will report strong July economic data in coming weeks also buoyed shares of Hong Kong-listed Chinese financials as well as resources and building materials firms.

CITIC Securities was among the big winners, rising 1.5 percent, while the broader mainland financials index ended up 0.5 percent.

Among resource stocks, shares of Aluminum Corp of China (Chalco) surged 6.3 percent, taking its gains in the last three months to more than 50 percent.

“People are quite comfortable with the broader picture right now ... they are are betting on the resources sector because of confidence in the macroeconomy, and also the action on reducing (excess) capacity,” said Alex Wong, Hong Kong-based director of Ample Finance Group.

CITIC Securities and Chalco are dual-listed in Hong Kong and Shanghai.

The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stood at 126.11.

A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa. (Reporting by Andrew Galbraith; Editing by Kim Coghill)

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