Hong Kong Stocks Bounce Back to Green on Alibaba Rally, Chinese Export Growth, Property Developers Toppled
Hong Kong Stocks rebounded today following encouraging export data and a rally from Alibaba by inclusion in the Stock Connect scheme of the Shanghai and Shenzhen exchanges with the Hong Kong bourse.
The property market, however, saw another round of sell-offs after the troubled property developers were kicked out of the Stock Connect scheme. According to SCMP, Sino-Ocean Group, CIFI Holdings, and Shimao Group Holdings saw a fall of 1 to 26% on Tuesday.
The Hang Seng Index rose 0.22%, or 37.13 points, to close Tuesday's session at 17,234.09. The Hang Seng China Enterprises Index rose by 0.39%, or 23.43 points, to 6,026.34.
China's export values jumped 8.7% year over year to $3.087 trillion in August, according to Customs data released Tuesday. The pace of growth is faster than the 6.5% median forecast of 34 economists polled by Reuters.
For the eight months that ended August, exports grew 4.6% to $23.1 trillion while imports increased 2.5% to $17.1 trillion, according to Customs data. Import and export balance posted $910.2 billion in August while cumulative trade surplus for the eight months reached $6.085 trillion.
Source : MT Newswires
