Hong Kong stocks rose, with the benchmark snapping a six-day decline, as Chinese banks rose on optimism that the sector will be do more to boost share prices after the regulator urged companies with share prices lower then book values to improve performance.
The Hang Seng Index advanced 0.8 per cent to 19,576.61 at the close, reversing from a 7.3 per cent decline over the past six trading days. The Hang Seng Tech Index gained 0.3 per cent.
Mainland China’s benchmarks edged lower. The CSI 300 Index fell 0.5 per cent, and the Shanghai Composite Index dropped 0.2 per cent.
Industrial and Commercial Bank of China (ICBC) paced the gain among Chinese commercial lenders, which traded at an average 50 per cent discount to book values. E-commerce platform operator JD.com surged after Morningstar said the stock was undervalued. Peer Alibaba Group Holding slipped after its revenue for the quarter to October missed analysts’ estimates.
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