Hong Kong Stocks Head Toward Fourth Day Of Gains

MarketWatch Pulse

Hong Kong stocks headed toward their fourth straight day of gains, with the benchmark Hang Seng Index up 0.4%. The mainland-China-tracking Hang Seng China Enterprises also rose 0.4%. Chinese real estate developer Country Garden Holdings jumped 4.2%, after the company announced it would issue new shares to major Chinese insurer Ping An Insurance Group for 6.3 billion Hong Kong dollars ($813 million). After the deal, Ping An would become the developer's second largest shareholder with a 9.9% stake. Ping An Insurance inched up 0.1% in Hong Kong, while its Shanghai-listed shares advanced 1.2%. Hong Kong-based telecommunications firm PCCW Ltd. soared 5.1%, after its subsidiary Hong Kong Television Entertainment Co. received a 12-year free-to-air license from local government. The tech sector shined, after China's central government unveiled new policies to support the e-commerce industry. Online-transaction service provider China Binary Sale Technology Ltd. surged 8.8%, online game developer Boyaa Interactive International Ltd. jumped 6.2%, and rivals Forgame Holdings Ltd. and NetDragon Websoft Inc. climbed 5.6% and 4.2% respectively. Among other market movers, property developer and Hang Seng constituent China Resources Land Ltd. climbed 2.5%, China Overseas Land & Investment Ltd. , also an index component, rose 1.6%, and telecoms giant China Mobile Ltd. added 1%. On the mainland, the Shanghai Composite Index nudged lower by less than 0.1%.

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