SHANGHAI, March 7 Hong Kong stocks were firm on
Tuesday, as Chinese Internet giant Tencent led tech
shares higher for the second day, after Beijing identified the
sector as key to China's economic restructuring.
Sentiment was also lifted by a sharp rebound in
rate-sensitive property stocks, as investors regained their
composure after a sell-off on Monday triggered by the prospect
of a U.S. interest rate hike next week.
The Hang Seng index rose 0.4 percent, to 23,681.07,
while the China Enterprises Index gained 0.6 percent, to
With mainland firms accounting for heavy weighting in Hang
Seng, the market has been resilient in light of increasing signs
that China's economy is recovering.
A flurry of data in coming weeks is expected to show China
posted solid economic growth in February, even as the government
trimmed its growth target for the year to focus on containing
the risks from a rapid build-up in debt.
This has helped counter worries from a looming U.S. rate
hike - Federal Reserve Chair Janet Yellen hinted last Friday
that the central bank will raise interest rates at its next
meeting that begins March 14.
Index heavyweight Tencent was firm, helping fuel a 1.1
percent gain in the IT index.
Property shares bounced sharply, rising nearly 3 percent.
(Reporting by Samuel Shen and John Ruwitch; Editing by Richard