Daily Report | Hong Kong stocks in longest winning streak since March as French election settles nerves
Casino stocks surged after Wynn Macau first-quarter profit came in above expectations
Hong Kong stocks closed higher on Wednesday, joining a global equity rally driven by optimism over centrist Emmanuel Macron winning the first round of the French presidential election.
The Hang Seng Index rose 0.5 per cent, or 122.5 points, to 24,578.4, gaining for a third straight day in its longest winning streak since March 21.
The Hang Seng China Enterprises Index was up 0.4 per cent or 45.6 points at 10,317.6.
“Some Hong Kong stocks with overseas business have become more attractive as global political concerns eased,” said Li Jiahao, an analyst at China Galaxy International.
Some Hong Kong stocks with overseas business have become more attractive as global political concerns eased
Li recommended Hong Kong conglomerate Cheung Kong Infrastructure Holdings and Power Assets Holdings, as their overseas businesses are likely to improve amid the reduced political risks.
Wynn Macau jumped 4 per cent to HK$17.5 after reporting that its first quarter net profit increased 26 per cent to US$103.56 million from a year earlier, beating market expectations.
