Hong Kong Stocks Advance to Two-Year High Amid Mainland Inflows
- Mainland investors buying to hedge risks, says CEB researcher
- Cosco Shipping surges the most in 23 months on rates optimism
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Hong Kong equities climbed to a two-year high amid speculation mainland investors are buying the city’s stocks to escape a small-cap selloff onshore.
The Hang Seng Index rose 0.5 percent at the close. Geely Automobile Holdings Ltd. led the gains, rising 5.9 percent after a meeting Friday stoked investor optimism for a planned joint venture. Macau casino operator Galaxy Entertainment Group Ltd. advanced 3.6 percent as analysts noted Chinese capital controls haven’t had a measurable impact on the gambling enclave. Onshore, the ChiNext Index of mainly small-cap companies fell 0.2 percent, paring losses of as much as 0.9 percent.