HONG KONG: Hong Kong stocks rose on Thursday despite declines in most Asian markets, as Chinese property shares rebounded on hopes Beijing would ease policies to help the struggling sector.

The Hang Seng index rose 1% to 25,247.99, while the China Enterprises Index gained 1.5% to 9,048.39.

In contrast, MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.3% after data showed U.S. consumer prices surged at the fastest pace since 1990 last month.

Sentiment in Hong Kong was bolstered by sharp rebounds in property shares amid a slew of positive signals that fan hopes for policy easing.

An index tracking Hong Kong-listed mainland developers jumped 5.6%. Sunac surged 8.4% while Logan Group shot up 9.3%.

A think-tank of China’s state council met a local property association and financial institutions in Guangzhou, Chinese media reported, days after the agency held a similar meeting with developers and banks in Shenzhen.

On Wednesday, the Securities Times reported some real estate companies disclosed plans to issue debt in the inter-bank market at a meeting with market regulators.

Data showing a rise in new mortgage loans in October and news that China Evergrande Group bondholders received coupon payments from the indebted developer also aided sentiment.

Bank stocks rose on receding fears that further defaults by developers would erode banks’ balance sheets. Biotech and telecom were among the few declining sectors on Thursday.

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