Hong Kong shares rally on positive economic growth

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Source: Dukascopy Bank SA
The Hong Kong market was green on Wednesday, rebounding from its two-month low on the previous day, as AIA Group shares rallied, offsetting the declining stocks of Esprit Holdings. In addition, Hong Kong's economic growth picked up in the three months starting from December compared to the last year, indicating that the nation's economy is starting recover. The Hang Seng Index advanced 0.3% to close at 22,577. Three out of nine sectors in the gauge advanced with basic materials rising the most. AIA Group posted the biggest increase in six months, as it was 4.1% up, after the company posted 89% profit growth in 2012 and announced its plans to open an office in Myanmar. Furthermore, New World Development led gains in financials with its shares climbing as much as 3.8% to close at $13.76. Sino Land, a company that has managed to triple the number of homes sold in Hong Kong, followed with a 2.9% rally, as the company's first-half underlying fiscal profit soared 81% on record sales of apartments due to a rise in city's home prices. The top loser was Power Assets that dropped 3.24% to HK$ 68.65.
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