Hong Kong Stocks Rise as U.S. Data Beat Estimates; AIA Advances
Hong Kong stocks rose after U.S. housing and consumer confidence data beat estimates, and as Chinese developers rebounded from yesterday’s losses. AIA Group Ltd. (1299) jumped after the insurer beat profit estimates.
Techtronic Industries Co. (669), a powertool maker that counts the U.S. as its No. 1 market, rose 3.2 percent. Shimao Property Holdings Ltd., the Chinese developer controlled by billionaire Hui Wing Mau, climbed 1.7 percent. AIA climbed 2.5 percent. Guangzhou Automobile Group Co. jumped 7.4 percent after UBS AG raised its rating on the carmaker.
The Hang Seng Index (HSI) rose 0.4 percent to 22,603.85 as of 10:03 a.m. in Hong Kong. About three stocks gained for each that fell, with trading volume about 14 percent below the 30-day intraday average. The Hang Seng China Enterprises Index of mainland companies advanced 0.4 percent to 11,151.42.
Futures on the Standard & Poor’s 500 Index (SPX) were little changed today. The gauge advanced 0.6 percent yesterday as data showed purchases of new homes in the U.S. jumped in January to the highest level since July 2008. Confidence among U.S. consumers jumped more than forecast in February.
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