Hong Kong shares rebound from losses on Wednesday

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Source: Dukascopy Bank SA
Hong Kong equities advanced on Wednesday for their first rally in four days as investor concerns over Cyprus's rejection of a tax levy on bank deposits were offset by rising Chinese mainland shares. The Hang Seng Index climbed 1% to 22,256.44 with around three shares soaring for each that declined. Utilities was the only sector posting losses, as it was 0.8% down. Among best performing companies was Esprit Holdings surging 5.6% to close at HK$9.82, adding to gains in consumer services group. Furthermore, Sands China Ltd closed at HK$37.80, 5% lower, also contributing to a 3% jump in consumer services group. Belle International Ltd added 4.3% after UBS upgraded its target price to HK$12, one dollar higher, and maintained the company's "sell" rating. On the downside, Want Want China Holdings that retreated 3.7% to HK$11.44 after earlier trading at HK$11.88. Power Asserts followed with a 2.3% decrease to drag down utility share. HK & China Gas erased as much as 2% after Credit Suisse AG downgraded its stock rating and maintained its "underperform" call.

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