By Shani Raja
Jan. 14 (Bloomberg) -- Hong Kong stocks rose, snapping the longest losing streak in four months, as plans by China to boost the property market sent developers higher and a rebound in oil prices lifted energy producers.
China Overseas Land & Investment Ltd., controlled by the country’s construction ministry, leapt 5.7 percent. Cnooc Ltd., the nation’s biggest offshore oil producer, rallied 3.1 percent after crude climbed for the first time in more than a week. HSBC Holdings Plc, Europe’s largest bank by market value, fell 4.1 percent after Morgan Stanley said the company may have to raise as much as $30 billion and cut its dividend in half.
“The Chinese government has been introducing more friendly measures to buy homes. People are encouraged by the policies,” said Hong Kong-based Terrace Chum, who oversees Greater China equities at Manulife Asset Management, which manages about $240 billion globally. “Oil shares have come to a level where they’re looking quite attractive.”
The Hang Seng Index added 36.56, or 0.3 percent, to 13,704.61 at the close, its first advance since Jan. 5 and snapping the longest losing streak since the period ended Sept. 18. The Hang Seng China Enterprises Index, which tracks Chinese companies’ so-called H shares, advanced 2 percent to 7,219.04.
To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net; Theresa Tang in Hong Kong at ttang3@bloomberg.net
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