Hong Kong stocks edged up on Monday, led by mainland banking heavyweights on expectations that Beijing will step up reforms in the state sector. The Hang Seng index rose 0.2 percent, to 27,316.28, while the China Enterprises Index gained 1.4 percent, to 14,113.98 points. Hong Kong stocks have fluctuated within a narrow range since a surge in April.
Hong Kong's Financial Services and the Treasury Bureau warned in an official blog on Sunday that investors should not pile into stocks driven by herd mentality, and should pay attention to fundamental analysis. China's biggest banks, including Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC) , Bank of China, China Construction Bank (CCB) and Bank of Communications (BoComm) all ended the day firmer, on expectations that Beijing will soon let private investors play a more active role in the sector. Shares of top train maker CRRC Corporation Limited, formed from a merger between CSR Corp and China CNR, surged in Hong Kong after a month-long trading halt.
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