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Hong Kong: Shares gain on Fed hopes, casino stocks jump

Wednesday, October 29, 2014 - 16:18
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[HONG KONG] Hong Kong shares rose, tracking strength in China markets, on anticipation the Federal Reserve later on Wednesday will reinforce signals that it could be a long time before US interest rates rise.

The Hang Seng Index unofficially closed up 1.3 per cent at 23,819.87 points in its highest close since Sept 24, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong rose 1.7 per cent to its highest close in nearly six weeks.

Casino stocks led gains after Wynn Macau posted better-than-expected quarterly earnings, fuelling hopes the gambling market has stabilised. Wynn Macau rose 4.9 per cent, Galaxy Entertainment surged 6.3 per cent and Sands China climbed 5.0 per cent.

Shares of Ping An Insurance rose 2.9 per cent in Hong Kong after China's second-largest insurer by market capitalisation reported third-quarter profits. China Life rose 2.2 per cent.

REUTERS