Update | Hong Kong stocks rise as oil-price surge boosts PetroChina and CNOOC
Country Garden is the biggest winner of the day, rising 5.7pc, while PetroChina and other energy producers climb after a Libyan pipeline explosion pushed crude oil to its highest level since mid-2015
Hong Kong stocks rose on Wednesday when trading resumed after the Christmas break, as a rally in oil producers countered losses in smartphone suppliers.
The Hang Seng Index advanced almost 0.1 per cent to 29,597.66. The Hang Seng China Enterprises Index, or H-share gauge, fell 0.3 per cent. The mainland’s equity benchmark fell as insurance shares slipped.
The MSCI Asia Pacific Index lost 0.23 per cent during the past two days while the Hong Kong market was shut.
Property developer Country Garden rose 5.7 per cent to HK$14.16, emerging as the biggest winner of the day. China Resources Land also gained 1.8 per cent to HK$22.55.
Kenny Tang Sing Hing, vice-chairman and executive director of Jun Yang Securities, said mainland developers are gaining because the rental housing market in China is presenting business opportunities.
Gordan Tsui, managing director at Hantec Pacific, said investors are also bullish on the growth potential of mainland developers in the first quarter of 2018.
“Property developers can drive the indices higher in the coming months,” he said, “After the significant correction we just went through, investors are optimistic about the market future.”