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Tuesday, November 1, 2016, 16:45

Stocks rebound on upbeat mainland factory, service sector growth

By Reuters

SHANGHAI - Hong Kong stocks rose the most in a week on Tuesday after business surveys showed growth in the mainland's factory and service sectors accelerated last month.

The Hang Seng index rose 0.9 percent to 23,147.07 points, while the China Enterprises Index gained 1.5 percent to 9,706.20.

Activity in the mainland's manufacturing sector unexpectedly expanded at the fastest pace in over two years in October thanks to a construction boom, with smaller firms growing more upbeat, suggesting the world's second-largest economy is stabilising and getting on steadier footing.

Hong Kong stocks rebounded from a two-month low hit on Monday, but investors remained cautious ahead of next week's U.S. presidential election, and a possible U.S. rate hike in December.

Uncertainty around the election has spiked after disclosure that the FBI was opening a fresh review into Hillary Clinton's private email system, threatning to cut the Democratic candidate's lead over Republican rival Donald Trump.

All main sectors rose, with energy stocks leading the gains.

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