HONG KONG: Hong Kong stocks closed higher on Friday, the first trading day of 2015, as mainland Chinese assets shares rallied among hopes that China might loosen financial policy to support a slowing economy.
The Hang Seng Index HSI, +1.07% advanced 1.1%, with the Hang Seng China Enterprises HSCEI, +2.17% , which tracks Hong Kong-listed mainland companies, higher by 2.2%. The gains came despite the release of official data showing further weakness in China’s manufacturing sector.
A day earlier, the government-sponsored version of China’s Purchasing Managers Index slipped to 50.1 in December from 50.3 in November, marking the third straight month of decline.
In the markets, mainland real-estate stocks posted broad-based advances, as analysts said they expect the central bank to continue to inject liquidity into the economy into the New Year.
Poly Property Group Co. Ltd. 0119, +18.81% soared 18.8%, China Vanke Co., Ltd. 2202, +10.64% surged 10.6% and Shimao Property Holdings Ltd. 0813, +9.00% was up 9%. China Overseas Land & Investment Ltd. 0688, +8.46% leapt 8.5%, and China Resources Land Ltd. 1109, +7.09% cracked 7.1% higher.
However, casino shares fell across the board, as Macau’s gambling revenues dropped 30.4% year-on-year in December. Wynn Macau Ltd. 1128, -3.66% was down 3.7%, Melco Crown Entertainment Ltd. 6883, -2.66% declined 2.7%, and SJM Holdings Ltd. 0880, -2.59% lost 2.6%.
In other Asian markets, Australia’s S&P/ASX 200 XJO, +0.46% finished up 0.5%, and South Korea’s Kospi Composite Index SEU, +0.57% settled 0.6% higher.
Japan and Shanghai markets were closed on Friday for the extended New Year’s Day holiday.
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