Hong Kong stocks rose for a fourth day on Wednesday to a fresh 22-month high, shrugging off Moody's downgrade of China's soveriegn credit rating. The Hang Seng index ended up 0.1 percent at 25,428.50 points, while the China Enterprises Index was unchanged at 10,390.87. Moody's Investors Service cut China's credit ratings by one notch to A1 from Aa3, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.
Market bellwether Tencent dropped about 1 percent, taking a breather following strong gains recently. Its market cap had reached HK$2.58 trillion ($331.23 billion), dwarfing the gross domestic product (GDP) of its birthplace Shenzhen, which stood at 1.94 trillion yuan ($281.58 billion).
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