HONG KONG, July 23 An index of major China
companies listed in Hong Kong on Wednesday surged to its highest
close this year, as investors piled into financial and energy
stocks seen as undervalued.
The China Enterprises Index climbed 2 percent to
close at its highest since Dec. 27, while the benchmark Hang
Seng Index was up 0.8 percent at 23,971.87 points, its
highest since Dec. 2.
Daily bourse volume was the heaviest since April 11.
Chinese property stocks were top percentage gainers on the
Hang Seng for a second day, with China Resources Land
jumping 7.5 percent and China Overseas Land & Investment
up 4.4 percent.
The 21st Century Business Herald reported late on Tuesday
around 10 more Chinese cities are expected to relax
home-purchase restrictions under the pressure of high
Oil and insurer giants led HSCE gains. PetroChina
rose 3.1 percent to its highest since March 2013, while China
Life Insurance gained 2.9 percent.
(Reporting by Grace Li; Editing by Richard Borsuk)