Hong Kong shares hit six month high
The Hang Seng Index rose 2.1 percent to 21,365.23, a six month high and its highest close since August 4.
All but four stocks gained in the Index. Hang Seng China Enterprises Index of Chinese companies listed in Hong Kong climbed 2.4 percent to 11,685.73.
Hong Kong's Hang Seng Index jumped 2.1% to 21,365.23, their highest closing levels since August last year.
The Hong Kong market got a boost as property firms extended a rebound from losses at the start of the week. Hang Lung Properties Ltd. was trading up 3.4%.
Premier Wen Jiabao said yesterday at a joint press conference with European Union President Herman Van Rompuy that China is willing to get “more deeply” involved in resolving Europe’s debt crisis.
Hutchison Whampoa rose 2.8 percent to HK$78.30 today, while Cosco Pacific Ltd., which operates ports in Greece, advanced 4.1 percent to HK$12.60.
Henderson Land jumped 6.1 percent to HK$48.15, while Sun Hung Kai Properties Ltd., the world’s biggest developer by market value, increased 4.3 percent to HK$118.70.
Sino Land Co., a developer controlled by billionaire Robert Ng, gained 4 percent to HK$13.62 after Citigroup Inc. said it was its top Hong Kong property stock pick. The bank raised its target price on the shares to HK$18.59 from HK$13.90.
Hong Kong stocks rose as developers gained amid speculation the city’s property prices will rise and after China said it will help Europe resolve its debt crisis.
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