May 26 (Bloomberg) -- Hong Kong stocks rose, with the benchmark index rebounding from a 10-month low, on optimism mainland insurers will be allowed to invest in more of the city’s shares, and as shipping companies gained on higher transport fees.
Ping An Insurance (Group) Co., China’s second-largest insurer, jumped 5 percent. Pacific Basin Shipping Ltd., Hong Kong’s largest commodity-vessel operator, advanced 2.3 percent.
Gome Electrical Appliances Holdings Ltd., China’s second-biggest electronics retailer by market value, soared 14 percent after winning a distribution contract with LG Electronics Inc. worth as much as 9.3 billion yuan ($1.4 billion).
“Equity markets may have found a bottom in the short term,” Khiem Do, the Hong Kong-based head of multi-asset strategy at Baring Asset Management (Asia) Ltd., which oversees
$11 billion, said in a Bloomberg Television interview. “Now one has to look at some growth opportunities, which have been beaten down. That’s value to us.”
The Hang Seng Index advanced 1.1 percent to 19,196.45. The measure closed yesterday at the lowest level since July 17, dragging its 14-day relative strength index to 30, a threshold that signals to some traders that shares are poised to rise.
The Hang Seng China Enterprises Index of so-called H-shares of Chinese companies rose 2.7 percent to 11,016.05.
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