Stocks power to a high on dividends, property

Optimism returns: Signage at the Hong Kong Stock Exchange. Property shares advanced on news China is loosening curbs on property purchases on the mainland. — Bloomberg

Hong Kong: Hong Kong’s benchmark stock index jumped to a nine-month high on optimism over the potential scrapping of some dividend taxes and new initiatives to boost Chinese property purchases.

The Hang Seng Index climbed 2.3% last Friday, with some of the biggest gains being made by stocks with relatively high dividend yields such as Hong Kong Exchanges & Clearing Ltd and China Construction Bank Corp. A Bloomberg gauge of China property shares surged 11%.