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Tuesday, May 2, 2017, 17:00

Hong Kong's main index up as Tencent hit record highs

By Reuters

Hong Kong stocks followed Asian shares higher, as optimism over strong tech industry earnings and receding concerns over Democratic People's Republic of Korea (DPRK) offset softer-than-expected factory surveys in China and the United States.

The Hang Seng index rose 0.3 percent, to 24,696.13, the highest level in 21 months, led by index heavyweight Tencent , which advanced 2 percent to a record high.

The China Enterprises Index lost 0.5 percent, to 10,173.62 points.

Market sentiment has been restrained by fears that China's economic recovery is fading.

Growth in China's manufacturing sector slowed faster than expected in April, an official survey showed on Sunday, as producer price inflation cooled and policymakers' efforts to reduce financial risks in the economy weighed on demand.

But tech shares were strong with the sub-index rising 1.6 percent.

Mainland shares listed in Hong Kong fell for a fourth session in a row amid concerns that property curbs in China will hurt developers' earnings.

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