News Column

H-K at 3-yr. high

July 24, 2014



Hong Kong stocks hit their best close in more than three years Thursday, after a preliminary reading of Chinese manufacturing sector rose to an 18-month high, adding to signs that the economy is stabilizing.

The Nikkei 225 in Tokyo fell 44.14 points, or 0.3%, to 15,284.42. The yen meanwhile, stayed flat at 101.533 per U.S. dollar.

The Hang Seng Index in Hong Kong zoomed 169.63 points, or 0.7%, to 24,151.50, after rises of totaling nearly 600 points over the last two days. It was the highest settlement since early April 2011.

The HSBC preliminary manufacturing Purchasing Managers' Index rose to 52 in July from a final reading of 50.7 in June, indicating expansion in China's factory activities for the second consecutive month, according to data released on Thursday.

In Hong Kong markets, mainland property developer continued to lead gains, with Country Garden Holdings surging 7.4%, Poly Property Group spiking 6.4%, Evergrande Real Estate Group and Shimao Property Holdings jumping 3.8% and 3.6%, respectively.

CHINA

The Shanghai CSI 300 index added 39.18 points, or 1.8%, to 2,237.02, bolstered by the strong flash PMI data.

In other markets;

In Korea, the Kospi index dipped 1.70 points, or 0.1%, to 2,026.62

Singapore's Straits Times Index added 13.19 points, or 0.4%, to 3,353.89

The Taiex Index in Taiwan returned from holiday to add 28.18 points, or 0.3%, to 9,527.54

In New Zealand, the NZX 50 gained 28.18 points, or 0.6%, to 5,174.71

Australia's S&P/ASX 200 picked up 11.05 points, or 0.2%, to 5,587.80


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Source: Baystreet Foreign Markets Wrap (Canada)


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