(Bloomberg) – Hong Kong stocks rose, with the Hang Seng Index set for its highest close in almost a month, as better-than-estimated U.S. job data bolstered the outlook for the global economy. China’s insurers gained after being allowed to invest in privately held companies.

China Merchants Holdings (International) Co., an investor in ports moving about a third of the country’s containers, rose 1.7 percent. China Life Insurance Co., the nation’s biggest insurer, advanced 1.7 percent. Belle International Holdings Ltd. climbed 3.3 percent as the retailer of women’s shoes officially joined the benchmark Hang Seng Index today.

The Hang Seng Index rose 1.4 percent to 21,257.97 as of 12:02 p.m. local time, set for its highest close since Aug. 11. Concern global economic growth may slow has dragged down the Hang Seng Index by 2.5 percent from a four-month high on Aug. 9. Shares on the measure trade at an average of 13.7 times estimated earnings.

The U.S. job data is “an encouragement for Asian investors,” Mark Konyn, chief executive officer of RCM Asia Pacific Ltd., said in a Bloomberg Television interview. That helps “give investors a little bit of a lift because investors are concerned about a double dip recession in the U.S.”

The Hang Seng China Enterprises Index of so-called H shares of Chinese companies gained 1.2 percent to 11,905.21.

China Merchants rose 1.7 percent to HK$27.55. Cosco Pacific Ltd., Asia’s third-largest container-terminal operator, climbed 1.7 percent to HK$10.74. Esprit Holdings Ltd., a global fashion retailer, advanced 2.1 percent to HK$41.45.

U.S. Jobs Report

U.S. private payrolls climbed 67,000 after a revised 107,000 increase in July that was more than initially estimated, Labor Department figures in Washington showed Sept. 3.

China Life gained 1.5 percent to HK$30.75. China Pacific Insurance (Group) Co., the nation’s third-biggest insurer, climbed 3 percent to HK$29.10.

China has approved insurers to hold stakes and invest in property assets of privately held companies to reduce investment risks, the China Insurance Regulatory Commission said yesterday.

Angang Steel Co., China’s biggest Hong Kong-traded steelmaker, jumped 3.7 percent to HK$12.20. Maanshan Iron & Steel Co., the No. 2, surged 6.3 percent to HK$4.41. Fosun International Ltd., a Shanghai-based investment company that has steel business, climbed 1.8 percent to HK$6.08.

Chinese steelmakers may improve profitability as the government’s push to cut emissions reduces steel supplies and iron ore prices are expected to drop in the fourth quarter, Shenyin & Wanguo Securities Co. said in a report.

Belle International Holdings Ltd., a retailer of women’s shoes, climbed 3.3 percent to HK$14.36. China Coal Energy Co, a producer of the fuel, rose 0.9 percent to HK$11.64.

The two stocks joined the Hang Seng Index as its latest members from today.

All but three stocks rose among the Hang Seng Index’s 45 constituents. Futures on the Hang Seng Index gained 1 percent to 21,190.

–Editors: Nick Gentle, Sam Waite.

To contact the reporter on this story: Hanny Wan in Hong Kong at hwan3@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.

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