Hong Kong stocks advanced despite China's growth concerns

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Hong Kong stocks increased slightly on Tuesday despite weaker-than-expected auto sales last month. Adding pressure on the China's stocks, Macquarie lowered China's growth forecast for 2012 to 7.7% from 8.1%. At the same time, fixed-asset stimulus approved by the government continued to lend support for China's shares. The Hang Seng Index gained 0.16% to close at 19,857.88. Six out of nine industries included in the index advanced. The top-gainers were consumer services and oil and gas companies. Sands China rose by 2.44% while CNOOC added 2.15% on news that maximum prices for which gasoline can be sold increased to USD87 per MT. At the same time, utilities and consumer goods pressurized the Hong Kong blue chips index. Want Want China Holdings and China Resources Power shed 1.85% and 1.34%.

 

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