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July 27, 2014, 10:05 p.m. EDT

Hong Kong stocks gain for fifth day

HONG KONG (MarketWatch) -- Hong Kong stocks headed higher Monday morning toward their fifth straight session of gains, with the Hang Seng Index (HONG:HK:HSI) up 0.6%. Index heavyweight Tencent Holdings Ltd. (HKG:HK:700) (OTC:TCTZF) helped lead the gains, rising 1.5% after China's top banking regulator approved the establishment of three private banks, including WeBank, in which Tencent has a 30% stake. Meanwhile, the state-owned banking giants posted broad gains, as Bank of Communications Co. (HKG:HK:3328) (OTC:BKFCF) (SHG:CN:601328) popped 2.9% higher, China Minsheng Banking Corp. (HKG:HK:1988) (SHG:CN:600016) (OTC:CMAKY) rose 2.8%, and Agricultural Bank of China Ltd. (HKG:HK:1288) (OTC:ACGBF) (SHG:CN:601288) traded 1.4% higher. Shares in Industrial & Commercial Bank of China Ltd. (HKG:HK:1398) (OTC:IDCBF) (SHG:CN:601398) added 0.6% despite news it planned to issue close to $13 billion in preferred shares. Over on the Chinese mainland, Shanghai stocks rallied on, following a weekly advance of 3.3% last week, after reports said the so-called "through train" scheme, which would allow direct stock trading between Hong Kong and Shanghai, could be launched in mid-October. The Shanghai Composite Index (SHG:CN:SHCOMP) rose 1.4%.

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