Hong Kong stocks rebound from 11-month low, Chinese property stocks climb

Brokers said investors were awaiting data from China's Golden Week holiday and economy growth, while concerns over the mainland property sector may cap rise of the property segment. ** Hong Kong's Hang Seng Index gained 0.8%, and the Hang Seng China Enterprises Index added 0.9%.

Hong Kong stocks rebounded from an 11-month low on Thursday after two sessions of decline, tracking firmer overseas markets with U.S. Treasury yields off a 16-year peak after the softer labour data. Brokers said investors were awaiting data from China's Golden Week holiday and economy growth, while concerns over the mainland property sector may cap rise of the property segment.

** Hong Kong's Hang Seng Index gained 0.8%, and the Hang Seng China Enterprises Index added 0.9%. ** Hang Seng Tech Index rose 1.2%, and Hong Kong-listed mainland property firms climbed 1.3%.

** The mainland market is closed for the Golden Week holiday. ** "Despite the government's efforts to roll out support measures for the property sector, a sustainable recovery has yet to be seen," Hang Seng Bank wrote in a research note.

** "The slowdown in the property sector is widely seen as a major factor contributing to China's weakening economic growth." ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 1.11% while Japan's Nikkei index was up 1.62%.

** Hong Kong S&P Global September Purchasing Manager's Index(PMI) contracted to 49.6 in September from 49.8 in August, staying below 50 for the third straight month and signalling a continued deterioration in private sector conditions. ** China SCE Group fell as much as 5.6% to a record low since debuting in February 2010, after it joined a long list of Chinese property developers who have defaulted their offshore debt and begun a restructuring process.

** Meanwhile, some Chinese property stocks took a breather after the recent weakness with China Evergrande rising 2.8%, Country Garden surging 4.6% and Sunac China up 9.7%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)