Hong Kong shares track overseas peers higher, property jumps on housing plans

It is expected to have around 926,000 homes - more than half to be newly built - for some 2.5 million people ** Henderson Land led gains in Hong Kong property developers, surging 6.4% at midday ** Sun Hung Kai Properties, New World Development , CK Asset and Hang Lung Properties rose between 1.5% and 3.2% ** The blue-chip property sub-index rose 1.99% and the mainland index for the sector climbed 1.55%.


Reuters | Hong Kong | Updated: 07-10-2021 10:44 IST | Created: 07-10-2021 10:31 IST
Hong Kong shares track overseas peers higher, property jumps on housing plans
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Hong Kong stocks rose on Thursday, on course for the biggest percentage gain in over 6 weeks, tracking gains with Asian peers fuelled by a late recovery on Wall Street, with major property developers leading gains after the financial hub's leader unveiled new housing policy. ** The Hang Seng Index rose 2.41% to 24,543.19 by the lunch break, while the China Enterprises Index jumped 2.88% to 8,654.83

** Mainland Chinese markets were closed for a public holiday, and MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5%. ** Hong Kong leader Carrie Lam announced on Wednesday plans of a Northern Metropolis on the border with the mainland's technology hub of Shenzhen, covering 300 square kilometers. It is expected to have around 926,000 homes - more than half to be newly built - for some 2.5 million people

** Henderson Land led gains in Hong Kong property developers, surging 6.4% at midday ** Sun Hung Kai Properties, New World Development, CK Asset, and Hang Lung Properties rose between 1.5% and 3.2%

** The blue-chip property sub-index rose 1.99% and the mainland index for the sector climbed 1.55%. ** "Excitement on property stocks is seen fading after the recent rally," said Steven Leung, a sales director at UOB Kay Hian. "Investors are cautious while the appetite for taking more risk is low ahead of the reopen of China market on Friday."

** Chinese Estates jumped as much as 31% to an over 3-month high after a major shareholder offered to take it private for HK$1.91 billion ($245 million). ** Energy firms eased as oil prices dropped under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs.

** CNOOC dropped 3.9%, PetroChina fell 3.62% and Sinopec Corp eased 0.3%, sending energy sub-index down 2.1% ** Meituan jumped 7.6%, Weimob rose 7.1% and Alibaba up 5.5%, sending the Hang Seng Tech Index up 4.3%. The financial sector gained 1.7%.

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

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