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Hong Kong benchmark rises sharply on optimism on China
March 13, 2017 / 8:33 AM / 6 months ago

Hong Kong benchmark rises sharply on optimism on China

March 13 (Reuters) - Hong Kong stocks started the week on an upbeat note, with an index tracking mainland companies posting its biggest gain in nearly four months after top Chinese officials signalled confidence in China’s economic health.

The market seems no longer bothered by an almost certain U.S. rate hike this week, while also shrugging off continued weakness in oil prices.

The Hang Seng index registered its biggest one-day rise since Feb. 15, rising 1.1 percent to 23,829.67. The China Enterprises Index gained 1.9 percent, to 10,258.71 points, its best day since Nov. 22.

Aiding sentiment were comments on Sunday by Li Wei, director of the Development Research Centre of the State Council, that the risk of a steep slide in China’s economy has reduced. He also said the economy had moved through an “L-shaped” pattern of slowing to now “horizontal” growth.

Shares rose across the board, with material and financial stocks among the biggest gainers. (Reporting by the Samuel Shen and John Ruwitch; Editing by Richard Borsuk)

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