Sept 28 (Reuters) – Hong Kong shares closed more than 1% higher on Tuesday, driven by gains in the real estate and technology sectors, while energy stocks jumped on higher underlying commodity prices.
The Hang Seng index rose 1.2%, to 24,500.39, while the China Enterprises Index gained 1.6%, to 8,720.30.
** The Hang Seng Property Index and the Hang Seng Mainland Properties Index added 2.8% and 6.4%, respectively.
** China’s central bank vowed to protect consumers exposed to the housing market on Monday and injected more cash into the banking system.
** The Shenzhen government began investigating the wealth management unit of ailing developer Evergrande, in a clearest sign yet the authorities could move to contain contagion risks. Evergrande shares rose 4.7%.
** Hong Kong banks have limited exposure to stressed Chinese developers, a top executive at the Hong Kong Monetary Authority said.
** Sunac China Holdings Ltd jumped more than 14% as it clarified reports, saying the group’s construction projects and operations across the country are normal and sales have been good.
** The Hang Seng Tech Index gained 2.1%, with e-commerce giant Alibaba Group jumping 6.3%.
** Alibaba has begun offering payment services from Tencent Holdings Ltd’s WeChat on a number of its apps, after the government ordered major tech firms to stop blocking each other’s services and links.
** Chinese technology executives, facing a crackdown by the authorities, pledged support on Sunday for Beijing’s “common prosperity” drive and to help smaller companies.
** The energy sub-index surged 5.2% amid high power prices. Coal shortage in China has led to power cuts across households and industrial sectors and triggered concerns over its growth outlook.
SOURCE : https://www.reuters.com/article/china-stocks-hongkong-close/hong-kong-shares-rise-as-property-tech-stocks-gain-idUSAZN182M00