Hong Kong stocks end higher, subdued China GDP curbs gains

Hong Kong stocks closed higher on Monday, aided by heavyweight financial and utilities firms, but China's weaker-than-expected GDP data kept gains in check.

** At the close of trade, the Hang Seng index was up 155.47 points or 0.64% at 24,542.26. The Hang Seng China Enterprises index rose 0.64% to 9,978.16. HSI and HSCE had gained 1.6% and 1.9% in early morning trade before China's GDP data. ** The top gainer on the Hang Seng was Industrial and Commercial Bank of China Ltd, which gained 3.62%, while the biggest loser was Xiaomi Corp, which fell 4.1%.

** The Hang Seng financials index led gains, rising 1.2%, while the Hang Seng utilities index rose 1.8%. ** China's GDP grew 4.9% in July-September from a year earlier, official data showed, slower than the median 5.2% forecast by analysts in a Reuters poll.

** Gross domestic product (GDP) grew 4.9% in July-September from a year earlier, data showed, slower than the 5.2% forecast by analysts in a Reuters poll but faster than the second quarter's 3.2% growth. ** "China's economy remains on the recovery path, driven by a rebound in exports. Consumer spending is also headed in the right direction, but we cannot say it has completely shaken off the drag caused by the coronavirus," said Yoshikiyo Shimamine, chief economist at Dai-ichi Life Research Institute in Tokyo.

** Shares of Sun Art Retail Group Ltd surged 19%, after Alibaba Group Holdings said it would invest $3.6 billion to boost its stake in the company. ** MSCI's Asia ex-Japan stock index was firmer by 0.22%, while Japan's Nikkei index closed up 1.11%.

** The yuan was quoted at 6.6981 per U.S. dollar at 0815 GMT, 0.01% firmer than the previous close of 6.699. ** At close, China's A-shares were trading at a premium of 46.65% over Hong Kong-listed H-shares.