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Hang Seng Index rebounds on report
Aggregated Source: Shanghai Daily: Business

HONG Kong stocks rose, with the city's benchmark index rebounding after falling the previous four days, as a report showed industrial companies' profits accelerated in April.

Guangzhou Automobile Group Co, which has manufacturing ventures with Toyota Motor Corp and Honda Motor Co in China, jumped 6.4 percent to HK$8.67 (US$1.12), a record high, on talk a proposed policy change in the southern Chinese city will boost vehicle sales. Kingsoft Corp surged 19 percent to HK$11.74 after the software maker posted higher earnings. 361 Degrees International Ltd sank 7.7 after the sportswear maker projected a drop in first-half profit.

The Hang Seng Index added 0.3 percent to 22,686.05 in Hong Kong after falling as much as 0.3 percent. The Hang Seng China Enterprises Index of Chinese mainland stocks rose 0.3 percent to 10,753.49, erasing losses of 0.4 percent.

Net income for Chinese industrial firms last month rose 9.3 percent from a year earlier to 437 billion yuan (US$71.3 billion), the National Bureau of Statistics said in Beijing.

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Copyright Shanghai Daily: Business