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Hong Kong: Chinese stocks halt losing streak on global outlook
[HONG KONG] Chinese stocks rose for the first time in six days in Hong Kong trading, led by commodity producers, after US equities recouped all of their losses from China's August shock yuan devaluation and American and European manufacturing showed signs of resilience.
The Hang Seng China Enterprises Index advanced 1 per cent to 10,344.39 at 9.40am in Hong Kong, halting a five-day losing streak that was the longest since early September. Jiangxi Copper Co and China Petroleum & Chemical Corp. gained at least 1.8 per cent. The Shanghai Composite Index added 0.2 per cent.
The H-shares gauge has rebounded 14 per cent from a September low as the government introduced more measures to boost growth amid the slowest economic expansion in a quarter of a century.
Policy makers are forecast to push money-market rates lower in the remainder of 2015 by making it cheaper for banks to borrow funds using a short-term lending tool. Official data released over the weekend showed manufacturing contracted for a third month.
The CSI 300 Index added 0.6 per cent. Hong Kong's Hang Seng Index climbed 1.4 per cent. Trading volumes in Shanghai were 35 per cent below the 30-day average for this time of day.
The Bloomberg China-US Equity Index rose 1.5 per cent in New York on Monday after the Standard & Poor's jumped 1.2 per cent in New York, the highest level since Aug 10 - the day before China's devaluation of its currency sparked turmoil on global financial markets.