Hong Kong stocks climb as casino shares rally

The stocks opened higher, lifted by casino shares who posted an unexpected rise in gambling revenue.

Hong Kong.- The benchmark Hang Seng Index rose more than 1 percent to 23,582.84 in early afternoon trade, rebounding from a 1.9 percent drop on Friday. Galaxy Entertainment Group Ltd. and Sands China Ltd. rallied more than 3 percent after Macau’s gambling revenue rose 7.4 percent in September.

A Hong Kong-based trader at China Securities International Finance Holding Co, Yen Chiu, said: “Gaming names are driven by good September results.” He also said that they will have to see if the rebound is supported by sufficient volume. “The market will fluctuate as China is off this week, with turnover likely to decline,” he added.

Galaxy Entertainment was poised for its best close since August 19, while Sands China advanced 3.7 percent. After more than two years, September’s increase in gambling revenues marked the second gain in a row, and beat the estimate of a 4 percent advance in a survey of analysts.