Hong Kong Stocks Rise Toward Weekly Gain on China Policy Wagers
Belle International Holdings Ltd., a women’s footwear maker, rose 2.1 percent.China Unicom (Hong Kong) Ltd. (762), the nation’s second-largest mobile-phone company, advanced 0.8 percent. China Silver Group Ltd. (815) jumped 22 percent on its first day of trading.
The Hang Seng Index climbed 0.2 percent to 22,652.70 as of 10:10 a.m. in Hong Kong. The gauge is headed for a 0.5 percent increase this week. More than three stocks advanced for each that fell on the 50-company measure today, with volume 41 percent below the 30-day average for the time of day, according to data compiled by Bloomberg. The Hang Seng China Enterprises Index of mainland companies increased 0.2 percent to 11,367.29.
Futures on the Hang Seng Index (HSI) were little changed at 22,665. The HSI Volatility Index (VHSI) slid 0.1 percent to 16.80, indicating traders expect a swing of 4.8 percent for the equity benchmark in the next 30 days.
Hong Kong’s benchmark index is headed for a 23 percent gain for the year, its biggest since 2009, amid signs China’s economy is improving and as central banks around the globe added stimulus to boost growth. Shares on the measure traded at 11.9 times average estimated earnings yesterday, compared with 13.7 for the Standard & Poor’s 500 Index and 12.8 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.
China may start new measures to boost consumption, China Securities Journal reported, citing unidentified analysts. Separately, Shanghai Securities News reported China Ministry of Industry and Information Technology will introduce policies next year to develop a mobile internet and internet shopping and payment, citing Miao Wei, minister of the ministry.
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