Hong Kong shares edge up 0.1 pct, Li & Fung soars

07/01/2014 13:02 AST

Hong Kong's Hang Seng Index rose fractionally on Tuesday, helped by surge of nearly 10 percent for exporter Li & Fung, but weakness in the mainland banking sector meant the H-share index still hasn't had a gain in 2014.

The Hang Seng benchmark finished up 0.1 percent at 22,712.8 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong sank 0.5 percent.

Footwear retailer Daphne International surged 14 percent to HK$3.83 in its biggest gain since April 2009 after Nomura analysts upgraded their rating to "buy" from "reduce" and raised their target price by nearly 90 percent to HK$6.20, buoying its sector rivals.

Li & Fung posted its biggest daily gain since Aug. 15 in robust volumes after the global supply chain operator described its 2013 performance as "solid" and said it has established a vendor support service unit.


Reuters

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