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Hong Kong shares gains on further capital inflows from China
[HONG KONG] Hong Kong shares climbed more than 1 per cent on Monday, booking the best day in nearly two months, supported by continuous fresh capital inflows from mainland China.
The Hang Seng index rose 1.7 per cent to 23,649.55 points, its biggest per centage gain since July 12, while the China Enterprises Index gained 1.5 per cent to 9,830.57.
The market's robust upward momentum has been fuelled by a flood of money from the mainland, where investors are actively hunting for better yields and also seeking to front-run a cross-border investment link between Shenzhen and Hong Kong that is expected to be launched in November.
Financial shares listed on the Hong Kong market were among the biggest beneficiaries, with the subindex rising 1.5 per cent on Monday.
The technology sector was another top gainer on Monday with the subindex rising 3.4 per cent. Tencent Holdings advanced 4.2 per cent.