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Cathay, developers help Hong Kong shares start June on positive note

HONG KONG (Nikkei Markets) -- Hong Kong shares resumed gains Thursday, led by Cathay Pacific Airways and developers, as markets shrugged off a private survey that showed a contraction in China's factory activity last month.

The Hang Seng Index rose 0.4% to 25,749.34 by midday. The gauge slipped 0.2% Wednesday, but capped a fifth consecutive monthly gain amid lingering investor optimism. Cathay Pacific advanced 2.8% after Kingboard Chemical said it bought 37.8 million shares in the airline, boosting its stake to 7.53%. Local developers advanced after real estate company Nan Fung Development paid HK$24.6 billion ($3.2 billion) for a commercial plot, a record in the city. Sun Hung Kai Properties added 1.9% and Henderson Land Development rose 1.2%. A drop in 10-year U.S. Treasury yields to six-week lows also helped support developers.

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