Hong Kong stocks rose, with the benchmark index closing at the highest level since May, as slowing gains in China’s inflation and industrial production boosted bets for added stimulus to support economic growth.
Agricultural Bank of China Ltd. (1288) added 0.9 percent. Shimao Property Holdings Ltd. paced gains among mainland developers after Poly Real Estate Group Co. reported July contracted sales jumped. SJM Holdings Ltd., the Macau casino operator founded by billionaire Stanley Ho, gained 2.3 percent after reporting a 28 percent increase in first-half profit.
The Hang Seng Index added 1 percent to close at 20,269.47, the highest since May 9. All but eight stocks gained on the 49- member gauge. The Hang Seng China Enterprises Index (HSCEI) of mainland companies rose 1 percent to 9,962.17.
The unemployment rate, on an unadjusted basis, increased to 5.04 percent in April fr
German Ifo Business Confidence Strengthens In May
Germany's business sentiment improved to 105.7 in May from 104.4 in April, reports said citing a survey from the Ifo institute on Friday. The reading was forecast to remain unchanged at 104.4.
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US stocks close flat
US stocks closed flat Friday, reeling in early losses but showing caution following Japan's Thursday 7.3 per cent plunge and ahead of the three-day US Memorial Day holiday weekend.