Bloomberg, (5/9) -- Hong Kong stocks rose, with the benchmark index closing at a three-month high, after shipping companies jumped and a Federal Reserve survey showed the U.S. economic recovery is intact. Pacific Basin Shipping Ltd. surged 9.5 percent after a measure of cargo prices reached its highest in 21 months. Semiconductor Manufacturing International Corp., a chip-services provider that gets half its revenue from North America, gained 1.8 percent. China Construction Bank Corp., the mainland’s second-biggest lender, was the most actively traded stock by volume for a second day as it rebounded from yesterday’s loss on Bank of America Corp.’s sale of shares in the company. The Hang Seng Index gained 1.2 percent to 22,597.97, its highest close since May 28. All but five stocks gained on the 50-member gauge, with volume 40 percent higher than the 30-day average. The Hang Seng China Enterprises Index added 1 percent to 10,338.89. “The Hong Kong market is continuing to show strength,” said Ben Kwong, chief operating officer at KGI Asia Ltd. “The more optimistic global economic outlook is raising the risk appetite of investors. Yesterday we had a moderate correction because of the stake sale in China Construction Bank.”The Hang Seng Index is 0.3 percent away from erasing this year’s losses as global manufacturing data this week added to signs of recovery. The gauge is the third-worst performer this year among developed markets tracked by Bloomberg, and traded at 10.8 times estimated earnings, compared with 15 for the Standard & Poor’s 500 Index. The Hang Seng China Enterprises Index, also known as the H-share index, has risen 16 percent from its low in June. The measure traded at 1.24 times book value, compared with a five-year average of 1.77.
