Hong Kong stocks hit fresh 2-year high, powered by Shenhua Energy

July 19 (Reuters) – Hong Kong stocks rose for an eighth
straight day on Wednesday to their highest close in more than
two years, lifted by shares of China Shenhua Energy
and Tencent Holdings.

The Hang Seng Index finished 0.6 percent higher at
26,672.16. The Hang Seng China Enterprises Index, that
tracks the performance of China firms listed in Hong Kong, rose
0.98 percent to 10,860.52, its highest close since August 2015.

Shenhua Energy jumped 4.1 percent to HK$18.72, while Tencent
gained 3.9 percent to HK$298.00.

Nomura on Tuesday raised its price target for Tencent to
HK$341, up from HK$301 with a “Buy” rating.

Shares of oil and gas major Sinopec added 1
percent to HK$6.06.

All main sectors rose, with raw materials up 2.9
percent, consumer-related stocks climbing 0.9 percent
and energy shares up 1.4 percent.

Hong Kong stocks recorded their best week in a year last
week thanks to bargain hunting from mainland Chinese investors.

(Reporting By Rushil Dutta and Anne Marie Roantree; Editing by
Jacqueline Wong)


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