Stocks
in Hong Kong and mainland China headed for May gains, with the Hang
Seng Index poised for its steepest monthly rally since September, amid
optimism that stimulus will lessen an economic slowdown.
The
benchmark measure of Hong Kong stocks added 0.2 percent to 23,062.25 at
the midday-break in the city, set for a 4.2 percent jump in May. The
Hang Seng China Enterprises Index of mainland companies rose 0.5
percent, extending its monthly advance to 4.7 percent. On the mainland,
the Shanghai Composite was little changed at 2,040.64 today and is 0.7
percent higher on the month.
The
Hang Seng Index is less than 2 percent away from erasing this year��s
losses as China enacts measures to revive the economy without repeating
the mistakes of its $586 billion stimulus begun in 2008.
Among
shares that moved today, Sinotrans Ltd., a logistics services company,
surged 7.6 percent in Hong Kong after it was rated outperform by
Standard Chartered Plc. In Shanghai, Xinjiang Ba Yi Iron & Steel Co.
and Xinjiang Tianfu Thermoelectric Co. jumped 10 percent after
President Xi Jinping pledged to promote the development of the northwest
province. Wuhan Guide Infrared Co. advanced 4.4 percent in Shenzhen
after the Xinhua News Agency said the nation will open the defense
industry to private investors.
Copy Source: Bloomberg
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