Hong Kong stocks rise to new 2-year high on solid China trade, Fed signal

July 13 (Reuters) – Hong Kong stocks rose for the fourth
straight day on Thursday to a fresh 2-year high, as investors
responded positively to China’s solid trade data and Federal
Reserve Chair Janet Yellen’s signal to adopt a patient approach
in the current U.S. rate-tightening phase.

The Hang Seng index jumped 1.2 percent, to 26,346.17,
while the China Enterprises Index gained 1.5 percent, to
10,677.44 points.

China posted better-than-expected trade data for June, with
exports rising 11.3 percent and imports expanding 17.2 percent,
suggesting the economy is holding up well thanks to firmer
global demand.

Risk appetite also improved after Wall Street hit record
peaks as investors wagered policy tightening in the United
States would be glacial at best.

All main sectors rose, with raw materials, consumer
and energy shares leading the gain.
(Reporting by the Shanghai Newsroom; Editing by Jacqueline
Wong)

Leave a Reply