HONG KONG: The Hang Seng China Enterprises Index advanced 1.2 percent to 10,362.35 at 10:14 a.m. in Hong Kong, halting a five-day losing streak that was the longest since early September. Jiangxi Copper Co. and China Petroleum & Chemical Corp. gained at least 1.8 percent. The Shanghai Composite Index added 0.1 percent as technology shares advanced.
Chinese stocks rose for the first time in six days in Hong Kong trading, led by commodity producers, as global equities tracked gains in U.S. shares after the latter recouped all of their losses from China’s August shock yuan devaluation.
The H-shares gauge has rebounded 14 percent from a September low as the government introduced more measures to boost growth amid the slowest economic expansion in a quarter of a century. Policy makers are forecast to push money-market rates lower in the remainder of 2015 by making it cheaper for banks to borrow funds using a short-term lending tool. Official data released over the weekend showed manufacturing contracted for a third month.
“Today’s gains came as the market is recovering from an overreaction yesterday,” said Ronald Wan, chief executive at Partners Capital International in Hong Kong. “The market is in a consolidation stage overall.”
The CSI 300 Index added 0.6 percent. Hong Kong’s Hang Seng Index climbed 1.4 percent. Trading volumes in Shanghai were 35 percent below the 30-day average for this time of day. The Bloomberg China-US Equity Index rose 1.5 percent in New York on Monday after the Standard & Poor’s jumped 1.2 percent in New York, the highest level since Aug. 10 — the day before China’s devaluation of its currency sparked turmoil on global financial markets.
