Hong Kong stocks increase for fourth day on China's political support

HONG KONG (Nikkei Markets) – Hong Kong stocks rose for the fourth straight day on Wednesday, as improved profit outlook added to the optimism resulting from the commitment Chinese authorities to support the national economy

Seng Index added 0.9% to 28,920.90, capping its longest series of gains in seven weeks. Social media company Tencent Holdings climbed 1.2% and casino operator Galaxy Entertainment Group jumped 3.6%. China Petroleum & Chemical, or Sinopec, climbed 2.1% after posting a profit of about 50% for the first half.

China Merchants Bank rose 1.2% after announcing a 14% rise in net income in the first half, based on preliminary data. The Hang Seng China Enterprises index rose 0.9%

The gains recorded by the companies helped the S & P 500 to close Tuesday at a six-month high, while the Nasdaq Composite reached an intraday record. Investors' appetite for risk improved in Hong Kong after Chinese authorities announced plans to adopt a combination of fiscal and financial policies to boost domestic demand

L & ### 39; Hang Seng index is still down 3.3% in 2018 and China remains engaged in a business line. Both countries have recently imposed duties on about $ 34 billion worth of goods that they import from each other. "The market is rebounding as macroeconomic worries abate," said Andy Wong, chief investment strategist at wealth management firm Harris Fraser (International). "Alerts on corporate profits matter more" until the US imposes tariffs on more imports from China, he said. In mainland China, the Shanghai Composite and its Shenzhen counterpart each lost less than 0.1%.

Earnings alerts ahead of half-year results continued to generate gains for several companies listed in Hong Kong.

Bocom International Holdings jumped 5% after stating that it was expecting earnings for the six months ended June 30 to more than double over the previous year.

Promoter Jingrui Holdings advanced 4.1%, compared with a net loss the previous year

Maxnerva Technology Services information technology company fell 6.1% after announcing that she expected a net loss of 18 million yuan ($ 2.64 million) The first half of the year, compared with a profit of 25.2 million yuan there is a year.

CNNC International increased by 0.3%. The mining property trader announced on Tuesday that he expected to achieve net income for the six months ended June 30, compared with a net loss a year ago.

Melco International Development grew by 5%. Its Melco Resorts & Entertainment unit, listed in the United States, recorded a 57% increase in net profit in the second quarter, even as its turnover decreased by 5.4%

. The consolidated net business of Occitane International rose by 3.2% after a rise of 6.2% in its net business turnover to a leap of 12.3% in constant rates

The Chinese conglomerate Fosun International added 1.7%. The company is considering an offer for all or part of the Belgian insurer Ageas, reported Bloomberg, citing people familiar with the topic.

– Amy Lam