Hong Kong Stocks Rise for Second Day Ahead of U.S. Data; Li & Fung Gains
Hong Kong’s benchmark stock index rose to the highest level in more than a week as exporters gained ahead of a report expected to show U.S. retail sales climbed in the world’s biggest economy.
Li & Fung Ltd., the No. 1 supplier to Wal-Mart Stores Inc., advanced 1.6 percent. Techtronic Industries Co., the maker of Hoover vacuum cleaners and Ryobi power tools, increased 5.7 percent. Aluminum Corp. of China Ltd., the nation’s largest maker of the lightweight metal, climbed 1.3 percent after metal prices gained.
The Hang Seng Index rose 0.5 percent to 23,431.19, its highest close since Dec. 2. Gains were limited ahead of a meeting of the U.S. Federal Reserve today at which policy makers will discuss increasing their bond purchase program.
Exporters benefit from “the economic recovery story, though it won’t be a smooth one,” said Steven Leung, director of institutional sales at UOB-Kay Hian Ltd. in Hong Kong. “The market is generally quiet and investors in Hong Kong are cautious. There isn’t much interest to get into the market at this point.”
The Hang Seng China Enterprises Index of so-called H shares of Chinese companies climbed 0.9 percent to 12,865.05.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org.