HK, mainland shares up on China economy hopes

Hong Kong and mainland stocks rose on Tuesday (Oct. 20) amid optimism towards the Chinese economy and stronger consumption across the border.

In Hong Kong, the Hang Seng Index closed 27 points or 0.1 percent higher at 24,569.

Market turnover was HK$99 billion.

Dairy maker China Mengniu was the top gainer on the index, rising more than 4 percent.

Shares of e-commerce giant Alibaba surged past HK$300 during trading, but it later pared gains to close at $299.40.

Across the border, shares rebounded from Monday's losses and clawed higher.

That's despite the release of official data showing new home prices on the mainland grew at their slowest pace in more than four years, as authorities rolled out tightening measures in recent months over concerns of a potential market bubble.

That did not affect investor sentiment. The Shanghai Composite Index inched up half a percent and the blue-chip CSI-300 index closed 0.8 percent up.

Most markets across the region ended the day in the red.

Japan shed over 0.4 percent, tracking losses on Wall Street overnight, over concerns whether US lawmakers could reach agreement on a stimulus package.

Taiwan and Singapore also dropped.

But South Korea rose 0.5 percent, boosted by foreign investors' buying as the won strengthened and hit an 18-month high.

(Source: RTHK)