Hong Kong stocks extended gains for a seventh day on Thursday, supported by resource and property firms, with analysts maintaining an earnings-driven “slow bull” outlook for the market.

The Hang Seng Index rose 0.79 per cent to 28,045, after losing as much as 0.8 per cent. The benchmark gained 2.6 per cent to hit a 4.5-year high on Wednesday. The Hang Seng Tech Index dropped 0.52 per cent.

Property builders rose after media reports said that developers did not have to submit key metrics linked to the “three red lines” deleveraging campaign on a monthly basis. Logan Group up 24%; Longfor Group up over 4%.

Metals miner Zijin Mining Group jumped 2.4 per cent, while oil and gas producer PetroChina up 3.5%.

China’s equity markets were expected to enter a “slow bull” phase over the next 12 months, driven primarily by earnings growth rather than valuation expansion, said Kinger Lau, Goldman Sachs’ chief China equity strategist, at a media briefing on Wednesday.