Hong Kong stocks climb 1%; China Overseas Land surges

Hong Kong equities rose for a second day on Tuesday, led by China Overseas Land following a solid first-half profit.

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A floor trader monitors share prices during afternoon trading at the Hong Kong Stock Exchange in Hong Kong, China. Reuters

Hong Kong equities rose for a second day on Tuesday, led by China Overseas Land following a solid first-half profit.

In Asia, shares advanced after modest gains on Wall Street even as caution remained ahead of a meeting of central bankers.

Markets are focusing on the annual conference of global central bankers hosted by the Kansas City Federal Reserve Bank at Jackson Hole, Wyoming.

Fed Chair Janet Yellen and European Central Bank President Mario Draghi will be among the officials addressing the summit, which kicks off on Thursday.

At 0510 GMT, the Hang Seng Index gained 1 percent to 27,437.76 while the Hang Seng China Enterprises Index advanced 1.8 percent to 10,940.47.

China Overseas Land jumped 5 percent after its net profit rose 25 percent in the first-half on higher property sales and fair-value gains.

China Life Insurance gained 3.4 percent ahead of its interim report on Thursday.

A sub-index tracking Hong Kong's property sector advanced 1.7 percent, the most among the four industry groups of the Hang Seng Index.

China Resources Land gained 2.4 percent and Cheung Kong Property Holdings rose 1.7 percent.

Anhui Conch Cement, the nation's biggest maker of the building materials, climbed 1.8 percent after saying first-half profit doubled from a year earlier.

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