HONG KONG: Hong Kong shares finished higher on Thursday on the back of gains in the financials and property sectors, while a rebound in tech stocks on Wednesday failed to sustain.
The Hang Seng index rose 0.6% to 23,788.93, while the China Enterprises Index gained 1.0% to 8,506.36 points.
The financials subindex gained 1.3%, with HSBC Holdings and China Construction Bank Corp up 1.2% and 2.5%, respectively.
Hang Seng Mainland Properties Index added 2.4%. Longfor Group Holdings Ltd surged 3.1% and Country Garden Holdings Co jumped 4.1%, as they planned to sell bonds to raise money.
Corporate bonds issued by real estate companies nearly tripled in November from the previous month to 37.1 billion yuan ($5.82 billion), the official China Securities Journal reported.
“We expect the government to take further steps to stabilise the sector,” Fitch Ratings said in a note.
“However, any further policy loosening will be measured, given the government’s clear intent to see deleveraging in the sector and curb speculative demand.”
The Hang Seng Tech Index retreated 0.7%.
Alibaba Group extended losses to fall 2.5% to a record low, after missing quarterly revenue expectations and forecasting slow growth.
However, Tencent Holdings and Meituan added more than 1% each.
Hong Kong-listed gambling stocks, which tumbled for three straight sessions after arrests of 11 people in Macau, rebounded 1.7% at close.
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