Hong Kong stocks rose, with the city’s benchmark index climbing by most in almost two months, amid earnings optimism and as investors await the outcome of the Federal Reserve’s policy meeting concluding today.
Hong Kong billionaire Li Ka-shing made his fortune over a half-century of well-timed bets on everything from property to power generation. His latest deals suggest he’s wagering the city’s era of fast growth may be drawing to an end.
Hong Kong stocks fell for a second day before the U.S. Federal Open Market Committee’s announces whether it will pare record stimulus. Tencent Holdings Ltd. drove the benchmark index lower, while city developers climbed.
Hong Kong stocks advanced, with the benchmark index gaining a third day, after foreign investment in China rose and ahead of Federal Reserve Chairman Ben S. Bernanke’s policy report. AAC Technologies Holdings Inc. slumped on a possible delay of Apple Inc.’s iPhone 5S.
Hong Kong stocks dropped after recording their biggest single-day gain since January yesterday, paring a third weekly advance for the city’s equity benchmark. Declines were limited amid investor optimism the U.S. will maintain its monetary stimulus.