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Hong Kong: Shares hit 7-week high on global, mainland China market strength
[HONG KONG] Hong Kong stocks jumped over 3 per cent on Wednesday to their highest level in seven weeks, with investor sentiment lifted by strength in global markets as well as a more than 4 per cent jump in mainland China shares.
The Hang Seng index rose 3.1 per cent to 20,003.49 points, while the China Enterprises Index gained 3.8 per cent to 8,374.09 points.
All main sectors rose, with energy and resources sectors among the biggest gainers, jumping nearly 4 per cent.
China stocks had their best day in four months, as investors piled into real estate and resources shares, encouraged by tentative signs of recovery in the property market.
Investors shrugged off news that rating agency Moody's cut its China outlook to "negative" from "stable", as the market awaits policy cues from China's annual meeting of top legislatures that starts March 5.