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Hong Kong stocks rise, underpinned by listings of mainland firms
October 25, 2017 / 8:24 AM / in 2 months

Hong Kong stocks rise, underpinned by listings of mainland firms

Oct 25 (Reuters) - Hong Kong stocks rose on Wednesday, underpinned by strong gains by listings in the city of mainland-based companies, as China’s ruling Communist Party revealed its new leadership line-up.

The Hang Seng index rose 0.5 percent to 28,302.89 points.

China Enterprises Index, an index tracking major domestic firms listed in Hong Kong, gained 0.8 percent, to 11,493.30 points.

On Wednesday, the Communist Party unveiled its core decision-making body, the Politburo Standing Committee, headed by President Xi Jinping.

Julia Wang, HSBC economist for Greater China, said that following the party’s congress, she expects co-ordinated Chinese policies to reduce financial risks, more institutionalised environment policies and accelerated state-owned enterprise (SOE) reforms.

Most Hong Kong sectors gained ground.

Energy plays firmed, boosted by a 2.5 percent gain in leading oil producer CNOOC, as oil prices hovered near a four-week high after top exporter Saudi Arabia said it was determined to end a supply glut.

Information technology sector rose 1.2 percent, led by leading Chinese mobile devices provider ZTE rallying 3.5 percent. (Reporting by the Shanghai Newsroom; Editing by Richard Borsuk)

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