Oct 7 (Reuters) - Hong Kong stocks on Thursday notched their biggest daily percentage gain in 10 weeks, tracking Asian peers higher, with technology shares rebounding while major property developers jumped after the financial hub’s leader unveiled a new housing policy.
The Hang Seng Index rose 3.07% to 24,701.73, the highest close in nearly three weeks, while the China Enterprises Index jumped 3.57% to 8,713.05.
Mainland Chinese markets were closed for a public holiday, and MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.9%.
Fund giant Fidelity is putting money back into Chinese stocks and thinks the recent “indiscriminate” selling caused by the debt crisis at Evergrande is presenting opportunities in the country’s beaten-up bond markets.
Meituan jumped 9.7%, Alibaba surged 7.3%, Tencent rose 5.6%, sending the Hang Seng Tech Index up 5.2% - the best day since Aug. 24.
“Considering the series of recent regulatory actions from the Chinese government, we don’t think that regulatory risks for Chinese companies are over. But we think that, following the downdraft in prices, the margin of safety provided among many Chinese ADRs more than adequately compensates investors for the added risks,” said Dave Sekera, Morningstar’s Chief U.S. Market Strategist.
Henderson Land led gains in Hong Kong property developers, surging 7.1%. Sun Hung Kai Properties, New World Development, Hang Lung Properties, and CK Asset climbed between 1.2% and 3%.
Hong Kong leader Carrie Lam announced on Wednesday plans of a Northern Metropolis on the border with the mainland’s technology hub of Shenzhen, covering 300 square kms (116 square miles). It is expected to have around 926,000 homes - more than half to be newly built - for some 2.5 million people
The blue-chip property sub-index rose 1.98% and the mainland index for the sector climbed 1.6%.
The financial sector gained 1.78% with Ping An Insurance leading the rise, surging 7%.
Brokers said investors were cautious ahead of the reopening of the Chinese market on Friday.
Chinese Estates jumped as much as 32.4% to a 4-month high after a major shareholder offered to take it private for HK$1.91 billion ($245 million).
Energy firms eased as oil prices dropped under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs.
CNOOC dropped 3.49% and PetroChina fell 2.42%, sending the energy sub index down 1.46% (Reporting by Donny Kwok; editing by Emelia Sithole-Matarise)
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