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Hong Kong Stocks Climb as Li & Fung, Developers Advance

Hong Kong stocks rose, with the Hang Seng Index rebounding from its biggest two-day drop in a month, led by Li & Fung Ltd. (494) and property developers.

Li & Fung jumped 6.2 percent after UBS AG raised its investment rating on the maker of toys and clothing. Sun Hung Kai Properties Ltd. gained after the city said it will offer two residential sites for development. Sun Art Retail Group Ltd. increased 1.2 percent after the big-box store operator reported a gain in net income. Galaxy Entertainment Group Ltd., the Macau casino company founded by billionaire Lui Che Woo, dropped 1.2 percent even after quarterly earnings rose.

The Hang Seng Index gained 0.7 percent to 23,079.41 as of 10:03 a.m. in Hong Kong after capping a two-day drop of 1.7 percent yesterday. The Hang Seng China Enterprises Index of mainland companies increased 0.8 percent to 11,118.19 today.

Futures on the Hang Seng Index (HSI) climbed 0.6 percent to 22,986 today. The HSI Volatility Index fell 1.1 percent to 15.21, indicating traders expect a swing of 4.4 percent for the equity benchmark in the next 30 days.

To contact the reporter on this story: Anna Kitanaka in Tokyo at akitanaka@bloomberg.net

To contact the editor responsible for this story: John McCluskey at j.mccluskey@bloomberg.net

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