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Hong Kong: Stocks rise, bolstered by telecom and property firms
[HONG KONG] Hong Kong shares shrugged off modest losses on Wall Street to end higher on Tuesday, aided by strong gains in telecoms and property firms.
The Hang Seng index rose 0.6 per cent, to 28,490.83 points, while the China Enterprises Index gained 0.3 per cent, to 11,418.76 points.
The telecommunications sector rallied 1.2 per cent, led by state-owned China Telecom Group, which jumped over 4 per cent to a more than one-year high, as investors cheered expectations firms would benefit from China's push in 5G technology development.
China stocks edged up, erasing early losses thanks mainly to gains in consumer and healthcare shares as investors awaited third-quarter economic data and earnings reports. The blue-chip CSI300 index, which at one point was down 0.7 per cent, rose 0.2 per cent, to 3,889.86 points. The Shanghai Composite Index added 0.3 per cent to 3,382.99 points.