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Hong Kong: Shares get boost from property developers

[SHANGHAI] Hong Kong stocks ended higher for a second straight day on Tuesday, supported by upbeat earnings at some Chinese developers and modest gains on Wall Street.

The Hang Seng index rose 0.9 per cent, to 27,401.67 points, while the China Enterprises Index gained 1.9 per cent, to 10,954.92 points.

China Overseas Land & Investment Ltd was one of the top winners among Hang Seng constituents.

Its shares finished 3.73 per cent higher after it said it would raise its full-year sales target by 10 per cent and work to boost rental income. It reported a 26-per cent rise in first-half profit on Monday.

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Gains in China Overseas Land & Investment Ltd also lifted the performance of the property sector. A sub-index that tracks Hong Kong-listed property and construction companies finished 1.16 per cent higher.

Shares of Country Garden Holdings Company Ltd, China's top property developer by sales, rose 1.67 per cent after the company reported an almost 35 per cent rise in its core profit over the first six months of the year, helped by a property boom.

Analysts said the Hang Seng also gained some slight support from Wall Street overnight. On Monday, the Dow Jones Industrial Average and the S&P 500 marked modest gains, though the Nasdaq Composite edged down slightly.

REUTERS

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