Hong Kong stocks end higher on gains in financials, energy firms


Article content

Hong Kong stocks closed higher on Tuesday, helped by gains in financial and energy firms on hopes of a faster economic recovery globally.

** The Hang Seng index rose 1.0% to 30,632.64, while the China Enterprises Index gained 0.1% to 11,909.63.

** The Hang Seng financials index climbed 2.1% to lead the gains. The index is up 12.3% so far this year. The Hang Seng energy index advanced 2.6% as oil prices jumped.

** Galaxy Entertainment Group surged as much as 12% to a record high of HK$78.20, the top mover among Macau’s gaming stocks that advanced on report of strong rebound in gaming revenue during the Chinese New Year.

* Bond yields have risen sharply this month as prospects of more U.S. fiscal stimulus boosted hopes for a faster economic recovery globally. However, that is also fueling inflation worries, prompting investors to sell growth stocks that have rallied in recent months.

** The Hang Seng tech index shed 1.1%.

** Investors started to wonder if some stocks were over-valued, leading to a correction in consumer and new economy stocks that had been favored by investors, Guodu Hong Kong noted in a report.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.7%, while Japan’s Nikkei index closed up 0.46%.

** The yuan was quoted at 6.4598 per U.S. dollar by 0820 GMT, up 0.07%.

** At close, China’s A-shares were trading at a premium of 34.41% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; editing by Uttaresh.V)