Pursuits
Hong Kong’s Stocks Rally Most in Six Weeks as Developers Climb
- PetroChina, China Shenhua lead advance for oil, coal shares
- Bocom says fundamentals need to improve to sustain stock gains
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Hong Kong’s stocks jumped the most in six weeks, as a surge in U.S. home sales increased speculation the world’s biggest economy can withstand higher interest rates.
The Hang Seng Index rose 2.7 percent at the close. PetroChina Co., the nation’s biggest energy producer, posted its steepest increase since mid-April as oil approached $50 a barrel. Billionaire Li Ka-shing’s Cheung Kong Property Holdings Ltd. climbed to a two-week high. The Shanghai Composite Index slipped 0.2 percent, dragged down by airlines.