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HK shares close at highest in 5 months

Wednesday, 4 June 2014



HONG KONG, June 3 (Reuters): Hong Kong shares reached their highest close in five months, lifted by Chinese manufacturing surveys which reinforced hopes that China's economy may be improving after a few rough months.
The Hang Seng Index gained 0.9 per cent at 23,291.04 points, its highest close since January 2. The China Enterprises Index of leading offshore Chinese listings in Hong Kong rose 1.2 per cent.
Due to a Monday holiday, Tuesday's trading was the first since China's official manufacturing purchasing managers' index (PMI) for May was reported on Sunday at 50.8. That was higher than an expected 50.6, while the HSBC/Markit final PMI reading was 49.4, its best performance in four months but lower than the flash 49.7 reading.
Agricultural Bank of China climbed 3.8 per cent, while Industrial and Commercial Bank of China added 2.0 per cent. Index heavyweight Tencent Holdings climbed 2.5 per cent.
The Macau casino sector tumbled after data showed May revenue was 9.3 per cent above a year earlier, below analyst estimates of 13-15 per cent. Galaxy Entertainment Group lost 3.1 per cent and Sands China slipped 1.4 per cent.