Hang Seng extends gains after positive PMI data

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Source: Dukascopy Bank SA
© Scanpix/AP
The Hang Seng Index reached one-year high on Wednesday, supported by hopes that QE3 in the US will result in more capital inflows in the city. Mounting expectations that the POBC will announce easing measures also boosted Hong Kong equities. Adding to the winning streak of Hong Kong stock index, China's flesh PMI contracted at the slowest pace in three months in October. The Hang Seng Index added 0.31% to close at 21,763.78. Five out of nine sectors included in the index climbed. The best-performers were telecommunications and technology firms. China Mobile gained 2.22% while Tencent jumped 1.81%. China Coal Energy moved higher by 2.08% after reporting a 22% drop in profits for Q3 that was widely expected. The top-losers were oil and gas firms, with Sinopec and CNOOC falling 2.15% and 1.71%. Esprit Holdings sagged 9.50% after the company stated that it plans to raise USD677 million to finance its restructuring its core business. 


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