SPY467.88+9.09 1.98%
DIA358.01+5.19 1.47%
IXIC15,647.55+422.39 2.77%

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

reuters.com · 11/11/2021 03:56
Hong Kong stocks rise as property shares jump on China policy easing bets

- 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 .HSI rose 1% to 25,247.99, while the China Enterprises Index .HSCE gained 1.5% to 9,048.39.

** In contrast, MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS 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 .HSMII jumped 5.6%. Sunac SCCCF surged 8.4% while Logan Group LPHHF 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. nB9N2RH01T

** 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 EGRNY 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 .HSHKBIO and telecom .HSCIT were among the few declining sectors on Thursday.

(Reporting by the Shanghai Newsroom; Editing by Subhranshu Sahu)