November 11 (Businesshala) – Hong Kong shares rose on Thursday, despite losses in most Asian markets, as Chinese asset stocks rose on hopes Beijing will ease policies to help the struggling region.
** The Hang Seng Index rose 1% to 25,247.99, while the China Enterprises Index rose 1.5% to 9,048.39.
** In contrast, MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.3% when data showed US consumer prices rose last month at the fastest pace since 1990.
** Sentiment in Hong Kong was fueled by a sharp rebound in asset stocks amid positive cues, with fans hoping for policy easing.
** An index tracking Hong Kong-listed mainland developers jumped 5.6%. Sunac rose 8.4% while Logan Group rose 9.3%.
** A think-tank of China’s State Council met a local property association and financial institutions in Guangzhou, Chinese media reported, days after the agency held a similar meeting with developers and banks in Shenzhen.
** On Wednesday, the Securities Times reported that some real estate companies disclosed plans to issue loans in the inter-bank market in a meeting with market regulators.
** Data showing an increase in new mortgage loans in October and news that bondholders in China Evergrande Group received coupon payments from the indebted developer also aided sentiment.
** Bank shares rose on apprehensions that further defaults by developers would damage the balance sheets of banks.
** Biotech and telcos were among some of the sectors with a decline on Thursday. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)