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Monday, August 8, 2016, 17:18

Shares rise to 8-month high

By Reuters

SHANGHAI - Hong Kong stocks advanced to eight-month highs on Monday, tracking gains in Asian markets, as strong US jobs data on Friday lifted investors' risk appetite globally.

Both the Hang Seng index and the China Enterprises Index gained 1.6 percent to 22,494.76 and 9,276.56 points, respectively.

The Hang Seng closed at its highest level since Nov 25, 2015.

US July nonfarm payrolls rose by 255,000 and the June increase was revised upward to 292,000, the Labor Department said. Economists polled by Reuters had forecast July payrolls would increase by 180,000.

The strong US jobs data offset the impact from weak July trade data from China reported on Monday.

All main sectors rose on Monday, with property and IT shares particularly strong.

Property developer China Evergrande Group jumped more than 4 percent to a three-month high, after the company said it had bought a stake in rival Vanke and also raised its stake in goods trading company Langfang Development Co Ltd to 15 percent.

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