Hong Kong stocks stabilise after property developers lead rebound

Hong Kong’s Hang Seng Index rose for a second day, as equities stabilised after declines triggered by new curbs on home resales in some of China’s big cities.

The Hang Seng Index added 0.1 per cent, or 36.48 points, to 27,549.49 in Wednesday morning trading. The Hang Seng China Enterprises Index climbed 0.2 per cent to 10,968.39.

The city’s benchmark slumped 2.2 per cent within three day through Monday as developers including China Evergrande and Sunac China led declines after Chongqing and seven provincial capital cities announced last week a ban on the resale of homes within at least two years of purchase.

Among the leading gainers, AAC Technologies, which derives 47 per cent of its revenues from Apple Inc, jumped 4 per cent to HK$131.10. CK Hutchison Holdings added 1.1 per cent to HK$100.50.

In mainland China trading, the Shanghai Composite Index slipped less than 0.1 per cent, or 0.44 point, to 3,33.36.

In Asian early morning trading on Wednesday, Japan’s Nikkei 225 lost 0.8 per cent and South Korea’s Kospi was little changed.

In overnight US trading, the S&P 500 Index almost erased the day’s gains before closing less than 0.1 per cent higher on Tuesday, after Janet Yellen said the Federal Reserve may have been wrong on inflation and employment.

The Dow Jones Industrial Average finished 0.1 per cent lower and the Nasdaq Composite Index added 0.2 per cent.


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