Bloomberg, (27/11) -- Hong Kong stocks rose, with the benchmark index closing at its highest since January, as casino shares gained and cement makers climbed on higher prices.
Anhui Conch Cement Co., China’s biggest maker of the building material, rose 3.1 percent. Galaxy Entertainment Group Ltd., the Macau casino operator controlled by billionaire Lui Che-woo, advanced 1.8 percent. Skyworth Digital Holdings Ltd. jumped 8.6 percent after brokerages including Nomura Holdings Inc. raised the television maker’s target price.
The Hang Seng Index rose 0.5 percent to 23,806.35, its highest close since Jan. 30. About twice as many shares gained as declined on the 50-member gauge. The Hang Seng China Enterprises Index, also known as the H-share index, climbed 0.9 percent to 11,401.96. The measure surged last week after China unveiled a sweeping policy shift.
“Investors are waiting for additional catalysts from China,” said Jackson Wong, vice president of Tanrich Securities in Hong Kong. “The reforms are positive for the longer term but execution will be the key in the short term.”
The Hang Seng Index advanced 20 percent from this year’s low on June 24 on signs of economic recovery in China. Shares on the gauge traded at 11.41 times estimated earnings, compared with 16.28 on the Standard & Poor’s 500 Index yesterday. The H-share index, which climbed 29 percent from this year’s low on June 25, was valued at 8.4 times estimates earnings.