Hong Kong stocks rose, with the benchmark index advancing a third day, as technology shares followed a rally in the U.S. and investors awaited Chinese factory data tomorrow amid concerns of economic slowdown.
The Hang Seng Index gained 0.5 percent to 21,962.79 as of 9:32 a.m. in Hong Kong, with more than three shares rising for each that fell. The Hang Seng China Enterprises Index, also known as the H-share index, added 0.3 percent to 9,710.59. Chinese President Xi Jinping said the nation needs to adapt to a œnew normal in the pace of growth.
The Hang Seng Index fell 6.2 percent this year through last week and the H-share gauge sank 10 percent as manufacturing to inflation data added to signs China��s economic momentum is ebbing. A report on retail sales is also due tomorrow. The Hang Seng Index traded at 10.2 times estimated earnings at its last close, compared with 15.9 for the Standard & Poor��s 500 Index.
Source : Bloomberg