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Friday, October 2, 2015, 16:22

Hong Kong shares climb 3%

By Reuters

Hong Kong shares climb 3%
A woman walks past an electronic board showing the closing figure of Hang Seng Index in Hong Kong on Oct 2, 2015. (Xinhua photo)

HONG KONG - Hong Kong shares rose more than 3 percent on Friday, pulling further away from two-year lows hit earlier in the week, as investors cheered moves by the central government to prop up its sluggish property market and cooling economy.

Casino stocks jumped after data showed a smaller drop in gambling revenue than in the previous month. Shares of Galaxy Entertainment surged 10 percent, Wynn Macau gained 7.4 percent, Sands China rose 6 percent and SJM Holdings climbed 6.4 percent.

The benchmark Hang Seng Index rose 3.2 percent to 21,506.09 points. It had a weekly gain of 1.5 percent.

The stock market, which plunged more than 20 percent in the third quarter largely on worries about Chinese mainland economy, was closed on Monday and Thursday for public holidays.

The China Enterprises Index, which tracks Chinese companies listed in Hong Kong, climbed 3 percent to 9,686.64, lifted by a 13 percent jump in shares of Great Wall Moto after China cut taxes on small cars.

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