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Hong Kong shares rise, notch longest winning streak since March

reuters.com · 09/02/2021 04:56
Hong Kong shares rise, notch longest winning streak since March

HSI +0.24%, HSCE +0.75%, CSI300 flat

Hang Seng posts longest streak of gains since March

Property sector up 0.4%; Evergrande slumps

- Hong Kong shares ended higher on Thursday, extending gains into a fourth straight session for the first time since March as investors bet on further easing to support China's economic recovery.

** At the close of trade, the Hang Seng index .HSI was up 62.14 points or 0.24% at 26,090.43. The Hang Seng China Enterprises index .HSCE rose 0.75% to 9,341.3.

** The Hang Seng has risen for four consecutive sessions, its longest such streak since mid-March. The index has risen 2.69% this week.

** But moves were limited, and trading volume below average, as investors await a U.S. jobs report for clues as to the timing of the Federal Reserve's tapering of bond purchases.

** In contrast, China is likely to accelerate fiscal spending and credit growth as its economic recovery slows, but investors are expecting any easing measures from Beijing to be finely targeted as the U.S. Federal Reserve prepares to taper its own stimulus. nL4N2PX15A

** The sub-index of the Hang Seng tracking energy shares .HSCIE, while the IT sector .HSCIIT rose 1.61%, the financial sector .HSNF ended 0.61% lower and the property sector rose 0.4%.

** While property firms rose overall, shares in indebted property developer China Evergrande Group EGRNY slumped 3.55% to end at their lowest close since July 2015. The company on Wednesday promised buyers it will complete construction of their homes. nL1N2Q30K5

** Evergrande was the second-biggest decliner among H-shares, behind Haidilao International Holding Ltd HDALF, which fell 5.93% after its removal from the FTSE China 50 index. nL1N2Q40EE

** China's main Shanghai Composite index .SSEC closed up 0.84% at 3,597.04 points, while the blue-chip CSI300 index .CSI300 ended flat on the day.

** The yuan CNY=CFXS was quoted at 6.4604 per U.S. dollar at 08:36 UTC, 0% firmer than the previous close of 6.4605.

(Reporting by the Shanghai Newsroom)

((andrew.galbraith@thomsonreuters.com; Reuters Messaging: andrew.galbraith.thomsonreuters.com@reuters.net))