Hong Kong Stocks Head for Four-Day Advance on Developers
Hong Kong stocks rose, with the benchmark equity index headed for its longest winning streak in three weeks, as developers advanced. Companies including Li & Fung Ltd. (494) gained ahead of earnings reports.
The Hang Seng Index (HSI) advanced 0.2 percent to 22,312.49 as of 9:34 a.m. in Hong Kong, headed for the longest winning streak since July 24. About three shares rose for every two that fell on the 50-member gauge. The Hang Seng China Enterprises Index was little changed at 9,927.76,
The Hang Seng Index retreated 1.7 percent this year through yesterday, the only decline among developed markets tracked by Bloomberg, amid concern China’s growth is slowing and speculation the Federal Reserve will pare record stimulus. The gauge traded at 10.62 times estimated earnings as of yesterday, compared with 15.31 for the Standard & Poor’s 500 Index.
Gold futures yesterday capped the longest rally in four weeks as demand surged in China, the world’s second-biggest consumer of the metal last year. Contracts in New York jumped 7.3 percent last month, the most since January 2012.
Materials and energy companies led declines this year through yesterday on the Hang Seng Composite Index on concern weaker economic growth in China will sap demand. Utility and information-technology shares were the biggest gainers.
Futures on the S&P 500 were little changed today. The benchmark gauge slid 0.1 percent in New York yesterday after Japan’s economic expansion missed estimates and investors awaited today’s U.S. retail data for hints on when the Fed will curtail bond buying. Sales probably rose 0.3 percent after a 0.4 percent advance in June, according to a Bloomberg survey. For Related News and Information:
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