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Developers shine as Hong Kong stocks rise for third week

HONG KONG (NewsRise) -- Hong Kong stocks clinched a third weekly advance as easing local borrowing costs and U.S. yields lifted property developers and a stronger yuan reassured investors toward mainland companies.

The Hang Seng Index rose 0.5% to 22,937.38 on Friday, taking gains since last Friday's close to 1.9%. Five of the 10 best performers this week on the Hang Seng Index were real estate companies, with New World Development climbing 6.1% and China Overseas Land & Investment gaining 7.7%. A measure of large developers in the city climbed 3.4% during the week, taking its advance since the beginning of 2017 to 8.2%.

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