Hong Kong shares rise, boosted by Galaxy Entertainment

By: | Published: October 3, 2016 12:28 PM

Hong Kong stocks rose more than 1 percent on Monday, lifted by casino shares such as Galaxy Entertainment Group, after the world's biggest casino hub of Macau posted a better than expected rise in gambling revenue in September.

The China Enterprises Index gained 1 percent to 9691.18, putting Hong Kong shares on a solid footing at the start of the fourth quarter. (Reuters)The China Enterprises Index gained 1 percent to 9691.18, putting Hong Kong shares on a solid footing at the start of the fourth quarter. (Reuters)

Hong Kong stocks rose more than 1 percent on Monday, lifted by casino shares such as Galaxy Entertainment Group, after the world’s biggest casino hub of Macau posted a better than expected rise in gambling revenue in September.

The benchmark Hang Seng Index rose more than 1 percent to 23,582.84 in early afternoon trade, rebounding from a 1.9 percent drop on Friday when global markets were rocked by worries about Deutsche Bank’s financial health.

The China Enterprises Index gained 1 percent to 9691.18, putting Hong Kong shares on a solid footing at the start of the fourth quarter.

Some investors took to the sidelines, with China markets closed for the National Day holiday all week.

Activity in China’s manufacturing sector expanded again in September, an official survey showed on Saturday, which may indicate that recent positive momentum can be sustained.

Galaxy Entertainment was among the top gainers in Hong Kong, rising more than 2 percent as gambling revenue in Macau rose for a second month after a two-year decline.

Shares of casino stocks SJM Holdings climbed nearly 2 percent, while MGM China rose 2.8 percent and Sands China gained 1.2 percent.

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