Hong Kong stocks rally to highest level in nine months on earnings optimism
Hong Kong stocks climbed to their highest level since November after Tencent Holdings Ltd, Ping An Insurance (Group) Co and Lenovo Group Ltd earnings topped estimates.
The Hang Seng Index added 1 percent at the close. Tencent, which has the biggest weighting in the gauge, surged to a record after reporting a 47 percent rise in quarterly profit. Ping An Insurance and Lenovo gained at least 2.2 percent. A measure of mainland financial companies erased gains after people with knowledge of the matter said State-backed funds had sold bank shares on Tuesday.
Hong Kong's benchmark equity index has advanced 26 percent from its February low, one of the world's best performances, as fears of a hard landing receded on the mainland and Hong Kong's property market stabilized amid an improving interest-rate outlook.
