Hong Kong stocks rise as property shares jump on China policy easing bets

  • 11/11/2021
  • 00:00
  • 8
  • 0
  • 0
news-picture

Hong Kong stocks rose on Thursday despite declines in most Asian markets, as Chinese property shares rebounded on hopes Beijing would ease policies to help the struggling sector. ** The Hang Seng index rose 1% to 25,247.99, while the China Enterprises Index gained 1.5% to 9,048.39. ** In contrast, MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.3% after data showed U.S. consumer prices surged at the fastest pace since 1990 last month. ** Sentiment in Hong Kong was bolstered by sharp rebounds in property shares amid a slew of positive signals that fan hopes for policy easing. ** An index tracking Hong Kong-listed mainland developers jumped 5.6%. Sunac surged 8.4% while Logan Group shot up 9.3%. ** A think-tank of China’s state council met a local property association and financial institutions in Guangzhou, Chinese media reported, days after the agency held a similar meeting with developers and banks in Shenzhen. ** On Wednesday, the Securities Times reported some real estate companies disclosed plans to issue debt in the inter-bank market at a meeting with market regulators. ** Data showing a rise in new mortgage loans in October and news that China Evergrande Group bondholders received coupon payments from the indebted developer also aided sentiment. ** Bank stocks rose on receding fears that further defaults by developers would erode banks’ balance sheets. ** Biotech and telecom were among the few declining sectors on Thursday. (Reporting by the Shanghai Newsroom; Editing by Subhranshu Sahu)

مشاركة :