Hong Kong Stocks Snap Four-Day Loss Streak; Casinos Slump
Hong Kong stocks rose, with the city’s benchmark index headed for its first gain in five days, after China’s government approved a plan to tackle the wealth gap and increase minimum wages. Casino shares slumped after a report China may crack down on junket operators.
Chow Sang Sang Holdings International Ltd., a jewelry retailer, gained 3.3 percent. Kingway Brewery Holdings Ltd. surged 16 percent after SABMiller Plc’s joint venture in China agreed to buy its brewery assets. MGM China Holdings Ltd., a Macau casino operator, dropped 5.5 percent.
The Hang Seng Index climbed 0.3 percent to 23,227.32 as of 10:05 a.m. in Hong Kong. More than twice as many stocks advanced as declined, with trading volume about 7 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 gained 0.4 percent to 11,856.54.
Futures on the Hang Seng Index rose 0.6 percent to 23,211. The HSI Volatility Index slid 2.2 percent to 14.31, indicating traders expect a swing of 4.1 percent for the equity benchmark in the next 30 days.
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