Hong Kong stocks hit decade high on global optimism

 07 Nov 2017 - 11:21

Hong Kong stocks hit decade high on global optimism

Reuters

Hong Kong stocks hit a decade-high on Tuesday, joining the global optimism that pushed Wall Street to another record overnight and Asian stocks to their highest in 10 years.

Monday's anxiety stemming from Saudi Arabia's anti-corruption campaign evaporated, strengthening belief that the bull run in Chinese and Hong Kong equities markets will likely continue.

The Hang Seng index rose 1.4 percent, to 28,994.34, the highest close since December, 2007. The China Enterprises Index gained 1.1 percent, to 11,645.53 points.

Stocks rose across the board.

An index tracking energy shares jumped 2 percent on higher oil prices.

The IT sector leapt more than 3 percent, led by Chinese tech giant Tencent, which gained for the fifth consecutive session to hit another record.