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Hong Kong shares up for 3rd day on stimulus hopes, higher commodity prices

Monday, July 4, 2016 - 16:26
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[HONG KONG] Hong Kong stocks climbed on Monday for a third straight session of gains, as higher commodity prices and hopes of more stimulus measures from Beijing boosted resources shares, and investors built up positions amid ample liquidity in the market.

The Hang Seng index rose 1.3 per cent to 21,059.20, its highest close since June 8, while the China Enterprises Index gained 1.0 per cent to 8,802.35, its highest close since June 10.

All main sectors rose with property aiding the gains. CK Property rose 4.2 per cent, SHKP up 4 per cent, Hang Lung Properties up 3.8 per cent.

Hong Kong shares of China Vanke rose 6.7 per cent in their best day since March 14, after the developer rejected a call from its biggest shareholder for a general meeting aimed at ousting its board.

Shares in West China Cement plummeted 24.3 per cent after larger rival Anhui Conch Cement scrapped a planned takeover of the Hong Kong-listed firm.

REUTERS