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Hang Seng Index rises for fifth straight day, supported by semiconductor stocks
The Hang Seng Index in Hong Kong edged up 25.55 points, or 0.10 percent, to close at 25,884.43 on the 31st, marking its fifth consecutive day of gains. At one point the index dipped into negative territory after China's July manufacturing and non-manufacturing PMI readings came in below market expectations, but buying in semiconductor-related shares underpinned the broader market and it recovered towards the close. A meeting of the Political Bureau of the Communist Party of China Central Committee indicated a policy direction of enhancing the effectiveness of fiscal and financial measures and considering and introducing effective additional countermeasures in a timely manner. By sector, semiconductor-related stocks were firm, with Tian Shu Zhi Xin up 12.8 percent, Ai Xin Yuan Zhi up 9.7 percent, and Chang Guang Chen Xin up 8.0 percent. On the other hand, resource-related shares were weak, with Heng Ding Industrial down 17.0 percent, Green Leader Holdings down 13.3 percent, and Hong Hai High-Tech Resources down 7.4 percent at the close.