Hong Kong shares finished higher on Monday in brisk trade, largely supported by financial majors as signs of reviving IPO activity boosted bullishness on Hong Kong Exchanges and Clearing Ltd (HKEx).
|||Hong Kong shares finished higher on Monday in brisk trade, largely supported by financial majors as signs of reviving IPO activity boosted bullishness on Hong Kong Exchanges and Clearing Ltd (HKEx) .
The company that operates the benchmark Hang Seng Index hit a two-month high, ending up 5.3 percent in 4.3 times its 30-day average volume, extending a two-session winning streak in the process.
Hong Kong's main stock index finished Monday up 1.46 percent at 24,150.58, a level not seen since Jan. 20 this year. The China Enterprises Index finished up 1.01 percent at 13,586.7.
Markets in mainland China are closed for a public holiday on Monday and Tuesday.
HIGHLIGHTS:
* Analysts said the jump in HKEx shares showed investor confidence in the benchmark. Monday's gains follow a rise of 2.8 percent last week and 3.9 percent the week before. The index finished the first quarter up 2.1 percent, outperforming the Nikkei but underperforming the Shanghai Composite Index .
* Macau casino operators also jumped on Monday after gaming revenue surged to a record high, blowing away concerns of a potential slowdown in the world's largest gaming market.
Robust demand from gamblers from mainland China helped the former Portuguese colony post a total of 20.1 billion patacas ($2.5 billion) in March gaming revenue.
* Wynn Macau Ltd , controlled by casino magnate Steve Wynn, jumped 10.2 percent - it biggest-ever single-day jump - to 23.7, an all-time high. U.S. billionaire Sheldon Adelson's Sands China Ltd surged 6.9 percent.
* “We see the recent correction as a good opportunity to accumulate,” said Kenneth Fong, analyst at J.P. Morgan in Hong Kong, referring to Sands China's 6 percent correction after it said it was under investigation by the Hong Kong Securities and Futures Commission. - Reuters
Source: http://www.iol.co.za/hong-kong-shares-close-up-1-5-1.1051686
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