Hong Kong shares nudge higher as China rally lifts region

Hong Kong's benchmark share index ended higher on Thursday, as an officially endorsed bull run in mainland China markets extended into an eighth day, lifting stocks across the region. ** At the close of trade, the Hang Seng index was up 80.98 points or 0.31% at 26,210.16.

Hong Kong's benchmark share index ended higher on Thursday, as an officially endorsed bull run in mainland China markets extended into an eighth day, lifting stocks across the region.

At the close of trade, the Hang Seng index was up 80.98 points or 0.31% at 26,210.16. The Hang Seng China Enterprises index rose 0.31% to 10,781.89.

The sub-index of the Hang Seng tracking energy shares rose 0.4%, while the IT sector advanced 5.34%, the financial sector ended 0.03% higher and the property sector fell 0.91%.

China's Shanghai Composite index closed up 1.39% at 3,450.59 points, while the blue-chip CSI300 index ended 1.4% firmer. Both indexes ended at multi-year highs as they extended gains into eight consecutive days, the longest streak since January 2018.

Investors in China's soaring stock market are increasingly turning to Hong Kong for bargains, egging on an investment boom on the back of large tech listings and shaking off fears of political risks in the bruised financial hub.

China's A-shares are trading at a premium of 35.82% over Hong Kong-listed H-shares.

The top gainer on the Hang Seng was Hang Lung Properties Ltd , which gained 4.6%, while the biggest loser was Wharf Real Estate Investment Co Ltd, which closed 3.61% lower.

Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.72%, while Japan's Nikkei index closed up 0.4%.

The yuan was quoted at 6.9878 per U.S. dollar at 0809 GMT, 0.24% firmer than the previous close of 7.0049.

About 2.45 billion Hang Seng index shares were traded, roughly 117.7% of the market's 30-day moving average of 2.08 billion shares a day, and down from 2.58 billion shares a day earlier.