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Hong Kong: Shares climb, aided by resources and appetite for China stocks

Thursday, October 6, 2016 - 16:35
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[HONG KONG] Hong Kong stocks had solid gains on Thursday, boosted by buying of Chinese shares as some investors built positions ahead of next week's reopening of the China market.

The benchmark Hang Seng Index rose 0.7 per cent at 23,952.50 points and the China Enterprises Index gained 1.4 per cent - its biggest one-day gain since Sept 19 - to 9,947.10 points.

China's stock market is closed all this week for the National Day holiday. It reopens on Monday.

Helping lift Hong Kong indexes were resource and financial shares, tracking an overnight surge in oil prices.

Hong Kong financial sub-index rose one per cent.

Shares of PetroChina climbed 4.1 per cent to close at their highest since June 10.

China Shenhua rose 3.3 per cent and China Life by 3.9 per cent.

Galaxy Entertainment Group shares jumped 3.8 per cent to reach their highest close since Aug 2015 after Nomura raised its target price for the stock.

Shares of China's Lenovo Group Ltd rose 1.5 per cent on media reports that it is in talks to bring Fujitsu Ltd's personal computer business under its control.

REUTERS