Hong Kong stocks end at new 2-year peak on robust China economy, inflows

July 17 (Reuters) – Hong Kong stocks rose for the sixth
straight day on Monday, closing at fresh two-year highs, with
sentiment aided by robust China economic growth data and signs
Chinese money inflows are accelerating.

The Hang Seng index rose 0.3 percent, to 26,470.58
points, while the China Enterprises Index gained 0.5
percent, to 10,783.19 points.

Concerns eased over a China slowdown after data showed the
economy expanded 6.9 percent in the second quarter, slightly
faster than expected. Growth in June industrial
output and retail sales also came in stronger than expected.

The market also drew support from data showing Chinese
investors were stepping up buying of the city’s stocks over the
past week.

Last week, nearly 9 billion yuan ($1.33 billion) worth of
Chinese money flowed into Hong Kong stocks, with buying
concentrated in the financial sector, the China Securities
Journal reported on Monday.

Most sectors rose, with financials leading gains.
But an index tracking the services sector slumped about
1.5 percent.
(Reporting by the Shanghai Newsroom; Editing by Jacqueline
Wong)


Leave a Reply