Hong Kong stocks climb most in a month

China Daily (Hong Kong) - - BUSINESS - By BLOOMBERG

Hong Kong stocks rose, with the bench­mark gauge gain­ing the most in a month, as banks led a rally by Chi­nese main­land com­pa­nies af­ter a techni- cal in­di­ca­tor sig­naled re­cent losses were ex­ces­sive.

The Hang Seng In­dex added 0.8 per­cent to 21,754.74 at the close, re­bound­ing from a five­month low. China Con­struc­tion Bank Corp surged the most in 10 months, while Ten­cent Hold­ings Ltd jumped 2.2 per­cent.

Stocks ex­tended gains in af­ter­noon trad­ing as the pace of buy­ing by main­land in­vestors through the Shang­hai link ac­cel­er­ated. The Shang­hai Com­pos­ite In­dex slipped 0.4 per­cent to its low­est level since Oct 31.

Hong Kong’s bench­mark in­dex has slumped 6.6 per­cent this quar­ter, the world’s worst per­for­mance af­ter the Philip­pines and New Zealand, as higher bor­row­ing costs un­der­mined the out­look for the city’s prop­erty mar­ket and a weaker yuan cut for­eign de­mand for Chi­nese main­land as­sets. The Hang Seng In­dex’s rel­a­tive strength fell ear­lier Wed­nes­day to 28.5, the low­est since Jan­uary.

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