Hong Kong stocks advanced, with the city��s benchmark index gaining for a second day, after U.S. shares climbed to records and a report showed China��s inflation quickened more in May than economists had estimated.
The Hang Seng Index added 0.1 percent to 23,149.30 as of 9:33 a.m. in Hong Kong. The Hang Seng China Enterprises Index of mainland companies, also known as the H-share index, climbed 0.4 percent to 10,444.60. SJM Holdings Ltd. lost 2.2 percent after Macau��s biggest casino operator said a regulator is clamping down on the use of China UnionPay Co.��s cards on gaming floors.
The Hang Seng Index rebounded 9.1 percent from this year��s low in March through yesterday as China added stimulus to counter an economic slowdown. The equity gauge traded at 10.7 times estimated earnings yesterday, compared with 7.3 for the H-share index and 16.5 for the Standard & Poor��s 500 Index.
China��s consumer price index rose 2.5 percent last month from a year earlier, the National Bureau of Statistics said today, compared with the 2.4 percent projection in a Bloomberg survey. Producer prices slipped 1.4 percent. Asia��s biggest economy is also scheduled to release reports this week on new loans, money supply, retail sales and industrial output.
Source : Bloomberg