Hong Kong shares edge up as casino stocks extend gains

Hang Lung Properties

06/10/2015 05:21

HONG KONG, Oct 6 (Reuters) - Hong Kong shares held steady on 
Tuesday, supported by expectations the U.S. Federal Reserve will 
wait longer to raise interest rates and lifted by further gains 
in casino stocks.  
    The benchmark Hang Seng index  .HSI  rose 0.1 percent, to 
21,881.66 points. The China Enterprise index  .HSCE , which 
tracks Chinese companies listed in Hong Kong climbed 0.7 
percent, to 9,951.71 points.  
    Investor sentiment on Tuesday morning remained bullish for 
the short-term and analysts expect Hong Kong stocks to extend 
gains thanks in part to cheap valuations.   
    "Basically we have a very good start to this quarter, after 
the very poor performance of the third quarter," said Mark To, 
head of research at Wing Fung Financial Group, referring to a 
more than 20 percent plunge in the quarter ended-September.   
    "I think most of the institutional investors and even retail 
investors alike are going bottom-fishing, or bottom-hunting, 
because the valuation is really cheap at the moment."    
    Two American IPOs in Hong Kong on Thursday - IMAX China and 
Regina Miracle - are also expected to boost short-term market 
momentum thanks to strong demand, analysts said.   
    Casino stocks extended gains on Tuesday, with Sands China 
 1928.HK  up 7 percent, Galaxy Entertainment  0027.HK  rising 
4.4 percent and Wynn Macau  1128.HK  climbing 6.2 percent.  
    The main index was weighed down by a 3.3 percent fall in 
China Resources Land  0291.HK  and a 2.1 percent drop in Hang 
Lung Properties  0101.HK .  
    China's markets are closed until Oct. 8 for National Day 
holidays. 
 
 (Reporting by Jessica Macy Yu; Editing by Simon Cameron-Moore) 
 ((annemarie.roantree@thomsonreuters.com; +852 97387151; Reuters 
Messaging: annemarie.roantree.thomsonreuters.com@reuters.net)) 
 
Keywords: MARKETS HONGKONG STOCKS/