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Hong Kong stocks rise, bolstered by telecom and property firms
October 10, 2017 / 8:22 AM / 9 days ago

Hong Kong stocks rise, bolstered by telecom and property firms

Oct 10 (Reuters) - Hong Kong shares shrugged off modest losses on Wall Street to end higher on Tuesday, aided by strong gains in telecoms and property firms.

The Hang Seng index rose 0.6 percent, to 28,490.83 points, while the China Enterprises Index gained 0.3 percent, to 11,418.76 points.

The telecommunications sector rallied 1.2 percent, led by state-owned China Telecom Group, which jumped over 4 percent to a more than one-year high, as investors cheered expectations firms would benefit from China’s push in 5G technology development.

Hong Kong property stocks were also solid. Shares of New World Development hit a four-year high ahead of a policy address on Wednesday by the city’s new leader, Carrie Lam.

Alibaba Health Information Technology led the advance in information technology stocks, after China vowed to deepen medical reforms.

The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stood at 127.5.

A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa. (Reporting by the Shanghai Newsroom; Editing by Richard Borsuk)

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