|Published : 20 Mar 2017, 15:05:52|
HK shares hit 19-month high as energy stocks surge
Hong Kong stocks powered to 19-month closing highs on Monday, as surges in energy and tech shares helped sustain optimism.
The Hang Seng index rose 0.8 per cent, to 24,501.99, while the China Enterprises Index gained 0.7 per cent, to 10,583.98 points.
China Shenhua Energy led gains in the energy sector and lifted market sentiment. Shenhua, one of China's top coal miners, surged 16 per cent to an 18-month high.
Hong Kong's telecom, IT and software shares were also strong, helping offset gloom about the listed Chinese developers.
The Beijing municipal government announced new steps to rein in its booming housing market after the market closed on Friday, joining a growing number of Chinese cities acting to curb property speculation.
Data on Saturday suggested the impact of earlier property cooling steps by many cities may have been short-lived.
China's home prices picked up speed again in February after slowing in the previous four months, while sales have surged, according to Reuters.