HONG KONG – Stocks in the Hong Kong Administrative Region inched up on Tuesday, tracking gains in Chinese mainland markets after the mainland affirmed flexible policies next year to support growth, and also led by gains in property stocks.
The Hang Seng index rose 0.2 percent to 23,280.56 at the close of trade, extending gains for the fifth straight session, while the Hang Seng China Enterprises Index slid 0.1 percent to 8,194.45 points.
The sub-index of the Hang Seng tracking energy shares dipped 0.2 percent and the IT sector fell 1.1 percent, while the financial sector and the property sector ended up 0.8 percent and 1.34 percent, respectively.
The mainland will keep its monetary policy flexible next year and steadily implement a management system for real estate financing, the central bank said on Monday.
On the same day, the finance ministry said the mainland will roll out fiscal policies proactively to stabilise economic growth, vowing that the impact of the drive would be felt earlier than usual.
The top gainer on the Hang Seng was Hang Lung Properties Ltd, which gained 4.1 percent, while the biggest loser was Geely Automobile Holdings Ltd, which fell 3.87 percent.
Shares of China Cinda Asset Management jumped most in 8 years on its investment in the consumer finance unit of Ant Group.