Hang Seng Index rose on strong financial and basic materials sectors

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Source: Dukascopy Bank SA
Hang Seng Index added another 0.12% on Wednesday despite weakness of Asian markets. Financials and basic materials producers supported the index. However, dismal PMI data limited gains of Hong Kong stocks. HSBC Holdings and Bank of Asia gained 0.08% and 0.56%. Gains for basic materials producers came after the China Iron and Steel Association asked the government to restart tax rebate on some steel products to boost the sector. Consumer services industry was the strongest, with Sands China soaring 2.18%. Energy shares were mixed, with China Coal advancing 2.94% and CNOOC falling 1.4%. On the downside was telecommunications industry as China Mobile and China Unicom Hong Kong dropped 1.37% and 0.53%.
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