Chinese developers led a rally in Hong Kong stocks as investors pushed the local market benchmark to a two-week high on speculation Beijing will inject stimulus to revive the ailing property market.
The Hang Seng Index rose 0.5 per cent to 19,206.63 at the noon break, adding to a 4.9 per cent rally over the past two days. The Tech Index gained 0.6 per cent while the Shanghai Composite Index added 0.1 per cent.
Longfor Group surged 9.4 per cent to HK$18.62 while peers Country Garden jumped 6.2 per cent to HK$1.55 and China Resources Land strengthened 4.1 per cent to HK$32.80. Alibaba Group paced tech winners, adding 0.3 per cent to HK$83, while JD.com advanced 2.5 per cent to HK$141.90.
Fidelity China Special Situations PLC (LON:FCSS), the UK’s largest China Investment Trust, capitalises on Fidelity’s extensive, locally-based analyst team to find attractive opportunities in a market too big to ignore.
