Hong Kong: Shares climb 3.2% on China policies to boost economy

[HONG KONG] Hong Kong shares rose more than 3 per cent on Friday, pulling further away from two-year lows hit earlier in the week, as investors cheered moves by China to prop up its sluggish property market and cooling economy.

Casino stocks jumped after data showed a smaller drop in gambling revenue than in the previous month. Shares of Galaxy Entertainment surged 10 per cent, Wynn Macau gained 7.4 per cent, Sands China rose 6 per cent and SJM Holdings climbed 6.4 per cent.

The benchmark Hang Seng Index rose 3.2 per cent to 21,506.09 points. It had a weekly gain of 1.5 per cent. The stock market, which plunged more than 20 per cent in the third quarter largely on worries about mainland China, was closed on Monday and Thursday for public holidays.

The China Enterprises Index, which tracks Chinese companies listed in Hong Kong, climbed 3 per cent to 9,686.64, lifted by a 13 per cent jump in shares of Great Wall Motor after China cut taxes on small cars.

REUTERS