Hong Kong shares edge higher on hopes for reforms

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Source: Dukascopy Bank SA
© scanpix/AP
Hong Kong equities reached their highest level in eighteen months as investors switched to Chinese non-financial sectors right after Beijing raised optimism on quicker sector reforms. The Hang Seng index advanced 0.2% to 22,666.59. All but one group in the index edged higher with consumer goods advancing the most by 0.75%, followed by technology and utilities that gained 0.57% and 0.48%. A 0.39% increase in Basic Materials was triggered by Chinese steel-to-property conglomerate Citic Pacific's shares that rose 4.3%. Furthermore, stocks of Belle International, China-oriented footwear retailer, added 3.1% to HK$16.88, after announcement Beijing would introduce new measures to boost up the consumption. Meanwhile, financials was the only sector declining, down 0.09%. Among the worst performers was Henderson Land by dropping 1.96%, while Want Want China and Hang Lung capped the gains in real estate group with their shares erasing 1.88% and 1.46%. 
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