Hong Kong equities rebounded on Angela Merkel remarks

Source: Dukascopy Bank SA
Hong Kong stocks erased some of the previous losses on Friday after Angela Merkel supported the ECB actions, easing concerns over the crisis in the Eurozone. Additionally, speculation that the POBC is preparing to loosen its prudent monetary policy boosted market sentiment. The Hang Seng Index gained 0.77% to close at 20,116.07. Seven out of nine sectors included in the index moved higher. Industrials and consumer services pushed China's blue chips index higher. Hutchison Whampoa surged 2.32% while Sands China soared 4.28%. Sands China extended previous gains on bright development prospects of gaming industry in Macau. Technology shares also moved higher as Tencent Holdings continued to advance on upbeat quarterly results. At the same time, telecommunications sector tumbled, weighted down by China Mobile. China Mobile extended its slump caused by weak earnings report. Smaller mobile provider, China Unicom, followed China Mobile's trend and dropped  by 2.63%.

 

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Fri, 17 Aug 2012 14:45:38 GMT

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