Hong Kong stocks rose modestly at the start of trading on Thursday, as
casino stocks rebounded after selloffs and as Hong Kong retailers were
pushed up by robust sales during the Lunar New Year. The Hang Seng Index
moved up 0.2% to 21,329.35. Casino shares climbed, bouncing from the
previous day’s sharp losses due to a slowdown in Macau’s casino revenue
growth in January. Sands China Ltd. jumped 5.8%, MGM China Holdings
Ltd. advanced 3.5%, Galaxy Entertainment Group Ltd. rose 3.4%, and Wynn
Macau Ltd. added 3.1%. Hong Kong retailers pushed higher, as media
reports said local shopping malls reported strong retail sales during
Lunar New Year, largely thanks to high-spending mainland Chinese
visitors. Cosmetic retailer Bonjour Holdings Ltd. gained 2.8%, and
jewellery brand Luk Fook Holdings International Ltd. tacked on 2.5%.
The mainland stock markets remained closed for the Lunar New Year
holiday and were scheduled to reopen on Friday.
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