Hong Kong Stocks Rise on U.S. Jobs as Energy Shares Climb
Hong Kong stocks rose, with the benchmark index headed for its biggest gain in more than a week, after U.S. employment grew more than forecast in April, boosting confidence in the world’s largest economy. Materials and energy companies led gains.
Jiangxi Copper Co. (358), the country’s biggest producer of the metal, jumped 4.2 percent. Cnooc Ltd. (883), China’s biggest offshore oil producer, increased 1.8 percent on higher commodity prices. Man Wah Holdings Ltd. (1999), a sofa maker that gets half of its sales in the U.S., rose 1.6 percent. Galaxy Entertainment Group Ltd. (27), the casino operator that doubled its profit last year, gained 2.6 percent after saying it will buy a Macau resort.
The Hang Seng Index (HSI) climbed 0.9 percent to 22,891 as of 9:50 a.m. in Hong Kong, with about seven stocks advancing for each that declined on the 50-member gauge. The index is headed for its biggest gain since April 25. The Hang Seng China Enterprises Index (HSCEI) of mainland companies increased 1 percent to 10,953.22 even after a private report on the nation’s services industries showed expansion slowed last month.
Hang Seng Index futures gained 1 percent to 22,770. The HSI Volatility Index advanced 1.4 percent to 15.47, indicating traders expect a swing of 4.4 percent for the equity benchmark in the next 30 days.
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