HONG KONG: Hong Kong shares rose to their highest level in over a month Wednesday, in line with gains in most other Asian markets, supported by improved risk appetite and an overnight rally on Wall Street. A further rebound in mainland China stocks also buoyed investors’ confidence. The Hang Seng index rose 0.5 percent to 24,578.43 points, the highest level since March 21, while the China Enterprises Index gained 0.4 percent to 10,317.63.
The Nasdaq Composite hit a record high on Tuesday, while the Dow and S&P 500 brushed against recent peaks as strong earnings underscored the health of corporate America. Financials led the Hong Kong market higher as fund managers bet that banks’ balance sheets will improve along with the global economy and on views that the sector’s share valuations remain attractive. An index tracking the financial sector rose 0.8 percent on Wednesday. The services sector was also among the top winners, rising 1.9 percent.
