Hong Kong stocks closed higher on Friday, the first trading day of 2015, as mainland Chinese property shares rallied amid expectations that China might loosen monetary policy further in the New Year to boost growth.
In Hong Kong, the Hang Seng index climbed 252.78 points, or 1.1%, to finish the year’s first session at 23,857.82
The gains came despite the release of official data showing further weakness in China’s manufacturing sector.
A day earlier, the government-sponsored version of China’s Purchasing Managers Index slipped to 50.1 in December from 50.3 in November, marking the third straight month of decline.
In the markets, mainland real-estate stocks posted broad-based advances, as analysts said they expect the central bank to continue to inject liquidity into the economy into the new year.
Poly Property Group Co. Ltd. soared 18.8%, China Vanke Co., Ltd. surged 10.6% and Shimao Property Holdings Ltd. was up 9%. China Overseas Land & Investment Ltd leapt 8.5%, and China Resources Land Ltd. cracked 7.1% higher.
However, casino shares fell across the board, as Macau’s gambling revenues dropped 30.4% year-on-year in December. Wynn Macau Ltd. was down 3.7%, Melco Crown Entertainment Ltd. declined 2.7%, and SJM Holdings Ltd. lost 2.6%.
Markets in Japan, Shanghai, Taipei, and New Zealand were shuttered for holiday
In other markets;
The Kospi in Korea resumed business with a gain of 10.85 points, or 0.6%, to 1,926.44
In Singapore, the Straits Times Index fell nicked higher 5.44 points, or 0.2%, to 3,370.59
Australia’s S&P/ASX 200 regained 24.93 points, or 0.5%, to 5,435.93.
