Financials, energy shares lead gains in Hong Kong stocks

Kunlun Energy

07/10/2015 05:42

HONG KONG, Oct 7 (Reuters) - Hong Kong shares rose more than 
1 percent on Wednesday, lifted by financials and continued gains 
in the energy sector.  
    The Hang Seng  .HSI  rose 1.1 percent to 22,071.80 points by 
the midday break, their highest level in three weeks, while the 
Chinese Enterprise Index  .HSCE  that tracks Chinese companies 
listed in Hong Kong climbed 2.6 percent to 10,189.50.  
    Financials took the lead in Hong Kong on growing 
expectations that the U.S. Federal Reserve may wait till next 
year to start raising interest rates after weak job numbers on 
Friday. 
    Bank of China  3988.HK  rose 2.9 percent, Industrial and 
Commercial Bank of China Ltd  1398.HK  2.4 percent, and BOC Hong 
Kong Holdings Ltd  2388.HK  2.1 percent. 
    Energy companies also jumped after a surge in oil prices 
overnight, with CNOOC  0883.HK  rising 9.1 percent, PetroChina 
 0857.HK  up 7.1 percent, and Kunlun  0135.HK  climbing 5.4 
percent.  
    "This is a very concentrated recovery, and not an 
across-the-board recovery," said Alex Wong, director of Ample 
Finance Group. "We are seeing a recovery in the weakest sectors 
of the last few months, such as banks and resources." 
    On Wednesday morning, investors also locked in gains after 
the recent strength of some strong performers, brokers said. 
    Tencent  0700.HK  was down 0.3 percent and CK Hutchison 
Holdings  0001.HK  was down 0.5 percent, while property 
companies Hang Lung Properties  0101.HK  and Henderson Land 
Development  0012.HK  saw decreases.   
    With corporate earnings due soon in the U.S., and a series 
of IPOs in the pipeline in Hong Kong, including IMAX China and 
Regina Miracle, which will be listed on Thursday, analysts 
expect some market volatility in the near-term. 
    China's markets were closed for the National Day holiday, 
and will resume trading on Thursday.  
 
 (Reporting by Jessica Macy Yu; Editing by Kim Coghill) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: MARKETS HONGKONG STOCKS/MIDDAY