June 24 (Reuters) - Hong Kong stocks rose for a fourth straight day, drawing support from stabilizing mainland shares, as well as buoyant global markets on hopes that Greece will soon reach a deal with its creditors to avoid defaulting on its debts.
The Hang Seng index closed up 0.3 percent at 27,404.97 points while the China Enterprises Index rose 0.6 percent to 13,684.80.
After a two-month consolidation for the Hang Seng following the market’s April surge, many analysts now expect the index to again show upward momentum later this year.
“Hong Kong stocks will trend higher,” said Alex Kwok, Hong Kong-based strategist at China Investment Securities (HK).
“A possible U.S. interest rate rise later this year may have some short-term impact on the Hong Kong market, but it won’t change the long-term trend, as the move is expected, and would be gradual.”
Linus Yip, chief strategist at First Shanghai Securities, said valuations of Hong Kong stocks “are rational, and cheaper compared with other markets in the region”.
Energy and IT stocks led gains on Wednesday. Telecommunications and consumer goods shares sagged.
The Hong Kong bourse has asked Hanergy Thin Film Power Group (HTF) to hand over its Chinese parent company’s accounts before it will let the suspended stock trade again, but HTF is resisting the request, sources told Reuters. (Reporting by Samuel Shen and Pete Sweeney; Editing by Richard Borsuk)