Hong Kong shares close higher on Thursday

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Source: Dukascopy Bank SA
Hong Kong stocks fluctuated between gains and losses on Thursday. The Hang Seng Index increased 0.3% to 22,618.18 points, winning back the losses of 1.1% at the beginning of the trading session. Chinese railway and utility companies rallied, while the Hong Kong banks were put under pressure as mortgage rates were raised. Utilities and financial sectors posted biggest gains in the index. Kunlun Energy Co Ltd, an oil and gas exploration company, was the market leader, climbing 2.3% to HK$16.28. Furthermore, Hang Seng Bank Ltd surged the most among financials by 2% to close at HK$130.90. Hong Kong & China Gas Co Ltd closed the top three as its shares soared 1.8%. Meanwhile, consumer goods and technology sectors retreated for a fourth consecutive day this week. Henderson Land Development dropped 3.3% on fears from further rise in mortgage rates. Other land development companies, such as Sun Hung Kai Properties Ltd and Hang Lung Properties Ltd, were among top losers by slipping 3% and 2%, respectively.


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