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Hong Kong shares get boost from property developers
August 22, 2017 / 8:17 AM / 3 months ago

Hong Kong shares get boost from property developers

SHANGHAI, Aug 22 (Reuters) - Hong Kong stocks ended higher for a second straight day on Tuesday, supported by upbeat earnings at some Chinese developers and modest gains on Wall Street.

The Hang Seng index rose 0.9 percent, to 27,401.67 points, while the China Enterprises Index gained 1.9 percent, to 10,954.92 points.

China Overseas Land & Investment Ltd was one of the top winners among Hang Seng constituents.

Its shares finished 3.73 percent higher after it said it would raise its full-year sales target by 10 percent and work to boost rental income. It reported a 26-percent rise in first-half profit on Monday.

Gains in China Overseas Land & Investment Ltd also lifted the performance of the property sector. A sub-index that tracks Hong Kong-listed property and construction companies finished 1.16 percent higher.

Shares of Country Garden Holdings Company Ltd, China’s top property developer by sales, rose 1.67 percent after the company reported an almost 35 percent rise in its core profit over the first six months of the year, helped by a property boom.

Analysts said the Hang Seng also gained some slight support from Wall Street overnight. On Monday, the Dow Jones Industrial Average and the S&P 500 marked modest gains, though the Nasdaq Composite edged down slightly. (Reporting by Winni Zhou and John Ruwitch; Editing by Jacqueline Wong)

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