Hong Kong stocks rallied after upbeat PMI reading

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Hong Kong shares climbed after HSBC Flash PMI indicated that the country's industrial activity expanded to 50.4 this month compared to October's figure of 49.5. Moreover, hopes that Chinese government will implement property taxes gradually also helped Hong Kong shares to move higher. However, persistent concerns over looming US fiscal cliff and lack of progress over Greek bailout restricted the upswing. The Hang Seng Index jumped 1.02% to end the session at 21,743.20. All sectors included in the index climbed. Property developers advanced the most. Hang Lung Properties, SHK Properties and China Overseas Land & Investment rose 1.5%, 0.99% and 2.1%, respectively. At the same time, weaker-than-expected earnings reports continued to weight on retailers. Tingyi and China Resources Enterprise dipped 1.81% and 0.39%.


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