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Hong Kong: Stocks up after Christmas break on commodity strength

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[HONG KONG] Hong Kong stocks advanced on the first trading day following the Christmas break, with a bounce in commodity prices on the mainland lifting energy and raw materials shares.

The benchmark Hang Seng index added 0.8 per cent, to 21,754.74 points, while the Hong Kong China Enterprises Index , which tracks Chinese companies listed in Hong Kong, gained 1.3 per cent, to 9,300.63 points.

Energy and raw material shares were up around 1 per cent, helped by a strong rebound in commodity prices, with rebar and coke futures soaring around 5 per cent and 7 per cent respectively at one point on Wednesday.

Most sectors advanced, with information technology stocks the biggest performer, up 2 per cent.

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Shares in index heavyweight Tencent Holdings Ltd, the industry bellwether, gained more than 2 per cent after touching a 5-1/2-month low in the previous session.

Investors welcomed Tencent's plan to use platform services of a digital mapping company controlled by Germany's leading car makers in its products, after sealing a deal to buy stake in the company.

REUTERS

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