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Hong Kong stocks join Asian rally to hit 27-month high
September 18, 2017 / 8:22 AM / 3 months ago

Hong Kong stocks join Asian rally to hit 27-month high

Sept 18 (Reuters) - Hong Kong stocks jumped to the highest in 27 months on Monday, as Asian shares hit decade highs, while stronger-than-expected Chinese loan data aided sentiment.

The Hang Seng index rose 1.3 percent, to 28,159.77 points, while the China Enterprises Index gained 1.2 percent, to 11,195.98 points.

The gains added to region-wide optimism that pushed Asian shares to the highest since late 2007.

China August loan data released after the market close on Friday showed Chinese banks extended more credit than expected in August, buoyed by demand from home buyers and companies.

Investors piled money into Chinese developers listed in Hong Kong, with that conviction also strengthened by home price data that showed no signs of a severe correction despite government cooling measures.

An index tracking mainland developers jumped more than 4 percent, as shares of Country Garden, China Vanke and China Evergrande surged.

Finance and information technology stocks also rose sharply, up 1.3 percent and 2.1 percent, respectively. (Reporting by the Samuel Shen and John Ruwitch; Editing by Jacqueline Wong)

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