HK shares inch lower

Source: Dukascopy Bank SA
© scanpix/AP
Hong Kong shares slightly dropped on Friday, yet staying close to their highest level since August 2011 on growing optimism for recovery of the Chinese economy supported by improvement in economic data and next year's policy changes.  The Hang Seng Index fell 0.3% to 22,191.2, dragging down its weekly gain to 0.7%. The trading activity in Hong Kong has been subdued prior to data release of the U.S. payrolls which is expected to show a month-on-month decline due to the effects caused by Hurricane Sandy. Only two sectors within the index rose. Basic Materials added 1.15%, while Oil and Gas gained 0.30%. Furthermore, mainland China stocks rebounded this week by increasing 3% on Wednesday and 1.6% on Friday amid hopes for more support to nation's economy from the government. The best performers were China Overseas Land, Chalco and China Coal by surging 2.38%, 2.10% and 2.06%, respectively. The mainland developer China Overseas Land advanced to HK$23.65. Meanwhile, China RES power, Belle INT'L and Want Want China dropped 3.95%, 2.06% and 1.79%.

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