Feb 9 Hong Kong stocks hit a four-month high on
Thursday with mainland companies outperforming, as expectations
of further yuan depreciation continued to nudge Chinese
investors into the city's stocks.
The benchmark Hang Seng index reached an intraday
high of 23,644.63 points, the highest since Oct. 11, 2016.
The index closed up 0.2 percent to 23,525.14, while the Hong
Kong China Enterprises Index settled at its highest
level since November 2015, rising 1.2 percent, at 10,075.17
Nearly all sectors gained ground at the close, with
industrial stocks among the best performers.
Construction stocks gained as regulatory authorities
signalled supply-side reforms. Industry bellwether Anhui Conch
Cement Co Ltd gained 4 percent.
Stocks related to the "One Belt, One Road" theme rallied,
with shipping firms leading the gains. COSCO SHIPPING Holdings
Co Ltd and Sinotrans Ltd added about 11
percent and 9 percent, respectively.
"Some speculators entered the market today after the Hong
Kong stock market had a solid performance yesterday, especially
in blue chips," said Steve Leung, director at UOB Kay Hian
Holdings, adding that rising capital inflows from the mainland
also lent some support.
The index measuring price differences between dual-listed
companies in Shanghai and Hong Kong stood at 120.49,
the lowest in one month, indicting a narrowing of Chinese
shares' premium over their Hong Kong counterparts.
A value above 100 indicates Chinese shares were priced at a
premium compared to shares of the same company traded in Hong
(Reporting by Jackie Cai and John Ruwitch; Editing by Randy