Feb 8 Hong Kong stocks erased early losses and
closed at 3-1/2-month highs on Wednesday, boosted by shares of
China property developers and brokers.
The benchmark Hang Seng index ended up 0.7 percent at
23,485.13 points, while the Hong Kong China Enterprises Index
gained 1.1 percent to 9,955.34.
An index tracking mainland real estate stocks added
5.6 percent, clocking its best one-day gain in 11 months.
Heavyweight developer China Vanke Co Ltd jumped
3.8 percent after it reported January sales grew nearly 90
percent, compared with the same period last year.
Sentiment was also lifted by rising capital inflows from
investors in mainland China.
More than 14 percent of the daily southbound quota on the
Shanghai-Hong Kong Stock Connect was used on Wednesday, compared
with 20 percent on Tuesday and an average of nearly 11 percent
The financial sector rose 1.1 percent to its
highest level since last September, and its highest close since
late 2015, thanks to strength in mainland China brokerages after
they published mixed results for January.
Guotai Junan International Holdings Ltd and
Haitong International Securities Group Ltd rallied 4.6
percent and 6.7 percent, respectively.
Most sectors gained ground, but energy stocks slid
as oil prices extended Tuesday's losses after the United
States reported growing crude stockpiles.
(Reporting by Jackie Cai and John Ruwitch; Editing by Kim