Hong Kong shares track overseas peers higher, property jumps on housing plans

Sun Hung Kai Properties

07/10/2021 05:58

Oct 7 (Reuters) - Hong Kong stocks rose on Thursday, on
course for the biggest percentage gain in over 6 weeks, tracking
gains with Asian peers fuelled by a late recovery on Wall
Street, with major property developers leading gains after the
financial hub's leader unveiled new housing policy.
    
    ** The Hang Seng Index  .HSI  rose 2.41% to 24,543.19 by
lunch break, while the China Enterprises Index  .HSCE  jumped
2.88% to 8,654.83 
    ** Mainland Chinese markets were closed for a public
holiday, and MSCI's broadest index of Asia-Pacific shares
outside Japan  .MIAPJ0000PUS  rose 1.5%.
    ** Hong Kong leader Carrie Lam announced on Wednesday plans
of a Northern Metropolis on the border with the mainland's
technology hub of Shenzhen, covering 300 square kilometres. It
is expected to have around 926,000 homes - more than half to be
newly built - for some 2.5 million people  urn:newsml:reuters.com:*:nL1N2R205K
    ** Henderson Land  0012.HK  led gains in Hong Kong property
developers, surging 6.4% at midday
    ** Sun Hung Kai Properties  0016.HK , New World Development
 017.HK , CK Asset  1113.HK  and Hang Lung Properties  0101.HK 
rose between 1.5% and 3.2%   
    ** The blue-chip property sub-index  .HSNP  rose 1.99% and
the mainland index for the sector  .HSMPI  climbed 1.55%.
    ** "Excitement on property stocks is seen fading after the
recent rally," said Steven Leung, a sales director at UOB Kay
Hian. "Investors are cautious while appetite for taking more
risk is low ahead of the reopen of China market on Friday."  
    ** Chinese Estates  0127.HK  jumped as much as 31% to an
over 3-month high after a major shareholder offered to take it
private for HK$1.91 billion ($245 million).  urn:newsml:reuters.com:*:nL1N2R302D
    ** Energy firms eased as oil prices dropped under pressure
from an unexpected rise in U.S. crude stocks that raised
concerns over demand after prices rallied to multi-year highs.
    ** CNOOC  0883.HK  dropped 3.9%, PetroChina  0857.HK  fell
3.62% and Sinopec Corp  0386.HK  eased 0.3%, sending energy sub
index  .HSCIE  down 2.1%   O/R  
    ** Meituan  3690.HK  jumped 7.6%, Weimob  2013.HK  rose 7.1%
and Alibaba  9988.HK  up 5.5%, sending the Hang Seng Tech Index
 .HSTECH  up 4.3%. The financial sector  .HSNF  gained 1.7%. 
    

 (Reporting by Donny Kwok; editing by Krishna Chandra Eluri)
 ((Donny.kwok@thomsonreuters.com))