Hong Kong equities climbed, led by energy sector

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Source: Dukascopy Bank SA
Hong Kong stocks advanced on Friday, boosted by a rebound in basic materials and energy sectors. However, dismal manufacturing PMI releases from China and Europe coupled with weakness of the US jobs market continued to create a heavy pressure on Chinese equities. The Hang Seng Index advanced 0.70% to close at 20,734.94. All but one business sectors included in the index surged. The biggest gains faced telecommunications and oil and gas companies. China Mobile and China Unicom Hong Kong gained 1.18% and 1.93%. CNOOC and PertoChina climbed 0.64% and 1.39% on higher energy prices. Transportation firms also advanced, led by COSCO Pacific that rose 1.87% as rates of container shipment increased. Basic materials producers joined the rally, with Aluminum Corp of China (CHALCO) jumping 2.19%. At the same time, consumer services sector retreated, with Sands China falling 0.87%.

 

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