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HK shares climb most in a month

By Bloomberg | China Daily | Updated: 2016-09-06 07:44

Hong Kong's benchmark equity index climbed the most in a month, with speculation that the US Federal Reserve may rethink any immediate plans to raise borrowing costs adding to optimism spurred by increasing property sales.

The Hang Seng Index added 1.7 percent, the most since July 12. A gauge of property stocks advanced to a one-year high, with Sun Hung Kai Properties Ltd and Sino Land Co leading with gains of more than 3 percent each. The Shanghai Composite Index climbed for a second day, while a measure of small-company shares advanced in Shenzhen.

Hong Kong's real estate market is especially sensitive to Fed monetary policy, with a currency peg to the greenback ensuring the city's interest rates follow that of the US. The odds that the American central bank will increase borrowing costs this month decreased after nonfarm payrolls data released on Friday missed estimates for August. At least one residential project in Hong Kong was sold out over the weekend, while data Friday showed home sales rose to the highest level in at least 14 months in August.

HK shares climb most in a month

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