 Kontak Perkasa - Bloomberg (04/11) -- Hong
Kong stocks advanced, with the benchmark index extending last week’s
gains, after a gauge of China’s non-manufacturing industries rose to the
highest level this year.
The
Hang Seng Index added 0.4 percent to 23,333.85 as of 9:32 a.m. in Hong
Kong. The Hang Seng China Enterprises Index of mainland shares listed in
the city climbed 0.5 percent to 10,735.96, heading for its highest
close in more than six weeks.
The
Hang Seng Index jumped 17 percent from this year’s low on June 24
through last week as data from China signaled the world’s second-largest
economy is stabilizing. The nation’s non-manufacturing Purchasing
Managers’ Index climbed to 56.3 in October from 55.4 in September, a
government report showed yesterday. The increase follows
better-than-estimated readings for two manufacturing indexes last week.
The
Hang Seng Index, on which gains this year have been led by gaming
shares and China’s biggest Internet company, traded at 11.1 times
estimated earnings on Nov. 1, compared with 15.9 for the Standard &
Poor’s 500 Index.
The
S&P 500 rose 0.1 percent last week as positive corporate results
overshadowed concern that improving economic data may prompt the Federal
Reserve to trim stimulus as soon as next month. Of the index members
that have reported quarterly earnings this season, 75 percent have
posted higher profit than analysts estimated, data compiled by Bloomberg
show. Futures on the gauge added 0.2 percent today.
China’s
top party officials will meet in Beijing from Nov. 9-12 to map out a
blueprint for reform as the country heads for its slowest growth in more
than two decades.
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Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 9:07 AM
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