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Hong Kong Stocks Climb as Mining Companies, Developers Gain; Jiangxi Rises

Jul 17th 2015 at 12:03 AM

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Hong Kong stocks rose, sending the Hang Seng Index to its highest level in more than eight months, as mining stocks climbed on metal prices and after a report said China’s manufacturing accelerated.

 

Jiangxi Copper Co., China’s No. 1 producer of the metal, jumped 3.8 percent. Aluminum Corp. of China Ltd., the nation’s largest producer of the lightweight metal, surged 4.4 percent, the biggest gain on the Hang Seng Index. China Railway Group Ltd., a construction company, rose 2 percent. China Shenhua Energy Co., a unit of the nation’s largest coal producer, climbed 3.4 percent.

 

“People are seeing improvements in the economic recovery, and the situation is much better than they expected a few months ago,” said Steven Leung, director of institutional sales at UOB-Kay Hian Ltd. “Liquidity in the market has been quite abundant.”

 

The Hang Seng Index rose 1.2 percent to 22,378.67, the highest close since Jan. 11. Almost five stocks advanced for each one that fell on the 45-member gauge. The Hang Seng China Enterprises Index of so-called H shares of Chinese companies climbed 2 percent to 12,429.28.

 

Jiangxi Copper gained 3.8 percent to HK$19.58. Aluminum Corp., also known as Chalco, climbed 4.4 percent to HK$7.64, extending yesterday’s gains after its parent announced a plan to invest in rare earths. Zijin Mining Group Co., China’s largest gold producer, advanced 4.7 percent to HK$6.23, and Zhaojin Mining Industry Co. gained 3.1 percent to HK$23.55.

 

China Manufacturing

 

The London Metal Exchange Index of prices for six industrial metals including copper and aluminum increased 0.6 percent yesterday. Copper futures for December delivery rose 1.1 percent in New York yesterday, while gold futures gained 0.7 percent to a record.

 

China Railway jumped 2 percent to HK$6.02. China Shenhua Energy advanced 3.4 percent to HK$32.05. Anhui Conch Cement Co., China’s biggest cement maker, gained 0.9 percent to HK$33.65.

 

Manufacturing accelerated in China for a second straight month in September, according to the purchasing managers’ index released today by HSBC Holdings Plc and Markit Economics. It rose to 52.9 from 51.9 the previous month.

 

The Hang Seng Index has climbed 2.3 percent this year, as economic data from China and the U.S. helped ease concern global growth will slow from Chinese efforts to cool property prices and Europe’s debt crisis. Shares on the index trade at an average of 14.4 times estimated earnings, compared with 12.5 times for the year’s low on May 25.

 

 

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Hong Kong Stocks Climb as Mining Companies, Developers Gain; Jiangxi Rises

Jul 20th 2015 at 6:26 AM

Inconel

Hong Kong stocks rose, sending the Hang Seng Index to its highest level in more than eight months, as mining stocks climbed on metal prices and after a report said China’s manufacturing accelerated.

 

Jiangxi Copper Co., China’s No. 1 producer of the metal, jumped 3.8 percent. Aluminum Corp. of China Ltd., the nation’s largest producer of the lightweight metal, surged 4.4 percent, the biggest gain on the Hang Seng Index. China Railway Group Ltd., a construction company, rose 2 percent. China Shenhua Energy Co., a unit of the nation’s largest coal producer, climbed 3.4 percent.

 

“People are seeing improvements in the economic recovery, and the situation is much better than they expected a few months ago,” said Steven Leung, director of institutional sales at UOB-Kay Hian Ltd. “Liquidity in the market has been quite abundant.”

 

The Hang Seng Index rose 1.2 percent to 22,378.67, the highest close since Jan. 11. Almost five stocks advanced for each one that fell on the 45-member gauge. The Hang Seng China Enterprises Index of so-called H shares of Chinese companies climbed 2 percent to 12,429.28.

 

Jiangxi Copper gained 3.8 percent to HK$19.58. Aluminum Corp., also known as Chalco, climbed 4.4 percent to HK$7.64, extending yesterday’s gains after its parent announced a plan to invest in rare earths. Zijin Mining Group Co., China’s largest gold producer, advanced 4.7 percent to HK$6.23, and Zhaojin Mining Industry Co. gained 3.1 percent to HK$23.55.

 

China Manufacturing

 

The London Metal Exchange Index of prices for six industrial metals including copper and aluminum increased 0.6 percent yesterday. Copper futures for December delivery rose 1.1 percent in New York yesterday, while gold futures gained 0.7 percent to a record.

 

China Railway jumped 2 percent to HK$6.02. China Shenhua Energy advanced 3.4 percent to HK$32.05. Anhui Conch Cement Co., China’s biggest cement maker, gained 0.9 percent to HK$33.65.

 

Manufacturing accelerated in China for a second straight month in September, according to the purchasing managers’ index released today by HSBC Holdings Plc and Markit Economics. It rose to 52.9 from 51.9 the previous month.

 

The Hang Seng Index has climbed 2.3 percent this year, as economic data from China and the U.S. helped ease concern global growth will slow from Chinese efforts to cool property prices and Europe’s debt crisis. Shares on the index trade at an average of 14.4 times estimated earnings, compared with 12.5 times for the year’s low on May 25.

 

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