UPDATE 1-Hong Kong shares hit 7-year highs as Chinese investors rush in

April 9, 2015 9:46 AM

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April 9 (Reuters) - Hong Kong stocks advanced to seven-year highs on Thursday in record turnover, but at the cost of Chinese markets, as mainland investors sought out the relatively cheap shares traded in the former British colony.

Betting that the huge valuation gap between the two markets would narrow, or even disappear, Chinese investors snapped up the entire 10.5 billion yuan ($1.7 billion) daily investment quota for buying Hong Kong stocks under the Shanghai-Hong Kong Stock Connect scheme.

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