Hong Kong stocks rose for an eighth straight day on Wednesday to their highest close in more than two years, lifted by shares of China Shenhua Energy and Tencent Holdings. The Hang Seng Index finished 0.6 percent higher at 26,672.16. The Hang Seng China Enterprises Index, that tracks the performance of China firms listed in Hong Kong, rose 0.98 percent to 10,860.52, its highest close since August 2015.
Shenhua Energy jumped 4.1 percent to HK$18.72, while Tencent gained 3.9 percent to HK$298.00. Nomura on Tuesday raised its price target for Tencent to HK$341, up from HK$301 with a "Buy" rating. Shares of oil and gas major Sinopec added 1 percent to HK$6.06.
All main sectors rose, with raw materials up 2.9 percent, consumer-related stocks climbing 0.9 percent and energy shares up 1.4 percent. Hong Kong stocks recorded their best week in a year last week thanks to bargain hunting from mainland Chinese investors.
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