January 11, 2017 / 8:14 AM / 2 years ago

Hong Kong stocks up for fifth day ahead of Trump's news conference

Jan 11 (Reuters) - Hong Kong stocks rose for a fifth straight session on Wednesday to hit fresh one-month highs as investors awaited U.S. President-elect Donald Trump’s news conference later in the day for clues which may set the tone for global markets.

The benchmark Hang Seng index ended up 0.8 percent at 22,935.35 points. while the Hong Kong China Enterprises Index gained 0.7 percent to 9,733.90.

Investors are awaiting Trump’s first news conference since he won the U.S. presidential election for concrete plans on what he wants to accomplish in his first year in office.

During the election campaign, he promised to slash taxes and boost fiscal spending, which has sent Wall Street to record highs.

But he also vowed to brand China a “currency manipulator” on his first day in office and has threatened to slap huge tariffs on imports from China, raising tension between the world’s two biggest economies.

All sectors in Hong Kong advanced.

Gains were led by resource stocks, which were underpinned by strong commodities prices in mainland China. The sector was up around 2.5 percent at the close. (Reporting by Jackie Cai and John Ruwitch; Editing by Kim Coghill)

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