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HK Blue Chips Stocks Rise
World Economy

HK Blue Chips Stocks Rise

Hong Kong blue chip stocks rose on Tuesday, bucking falls for mainland shares, on hopes for a stabilizing China market as Beijing hinted at further monetary easing. The Hang Seng Index, which touched a three-week low early Tuesday, rose 0.6%, its biggest daily gain since July 17, to 24,503.94, Reuters reported. The China Enterprises Index slid 0.5% to 11,173.04 points, the lowest close in three weeks. Hong Kong’s growth board GEM gained 0.5%. Mainland stocks declined in Tuesday’s volatile session, even as Beijing pledged to lend further support after shares sank 8% in the previous session. China central bank said it would use “various monetary tools” to maintain “appropriate levels of liquidity”, a signal that the further monetary easing that many analysts have predicted could be in store. China Resources Enterprise led gains in the blue chip index, surging 2.9%. It was followed by CNOOC Ltd and AIA, which were up 2.7%. New China Life Insurance led the falls in the Chinese enterprises index, sliding 5.3%.

 

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