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Tuesday, November 15, 2016, 16:21

Stocks end up, off 3-1/2-month low

By Reuters

SHANGHAI - Hong Kong stocks rebounded on Tuesday, recovering from a nearly 3-1/2-month closing low the previous day, as recent sharp gains in US Treasury yields appeared to level off.

The benchmark Hang Seng index ended up 0.5 percent, to 22,323.91, while the Hong Kong China Enterprises Index gained 0.6 percent, to 9,398.10 points.

"In Hong Kong, our eyes were on the US market in the evening and then shifted to China's market in the morning where sentiment has been positive," said Qian Qimin, analyst at Shenwan Hongyuan Securities, adding however that gains would be capped due to recent volatility in global markets.

Treasury prices eased after a surprising victory by Donald Trump in the US presidential election sent longer-dated yields soaring, sparking fears of outflows from emerging markets.

Gains in telecommunication and financial shares were offset by losses in the raw materials sector which dropped more than 1 percent.

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