Hong Kong stocks rose, with the equity benchmark heading for its third advance in four days, as investors awaited a private report on Chinese manufacturing.
The Hang Seng Index climbed 0.2 percent to 22,772.81 as of 9:31 a.m. in Hong Kong. The Hang Seng China Enterprises Index, also known as the H-share index, added 0.1 percent to 10,037.87. HSBC Holdings Plc’s and Markit Economics Ltd’s preliminary gauge of April factory activity China is due today.
The Hang Seng Index rose 2.6 percent this quarter through yesterday, the second-best performer for the period among developed markets behind Singapore, from second-worst the previous three months. The H-share gauge rebounded 9 percent since entering a bear market on March 20 amid speculation China will add stimulus amid signs of economic slowdown. The Hang Seng Index (HSI) traded at 10.5 times estimated earnings yesterday, compared with 16.1 for the Standard & Poor’s 500 Index.
Economists surveyed by Bloomberg expect today’s reading for the private HSBC/Markit China manufacturing Purchasing Managers’ Index will come in at 48.3 from 48 in March. Readings below 50 signal contraction.
Futures on the S&P 500 were little changed today. U.S. stocks rose yesterday, with the equity gauge posting a sixth day of gains, as health-care shares rallied amid a $45.7 billion bid for Allergan Inc. and earnings from Netflix Inc. to Harley-Davidson Inc. topped estimates.
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