Hong Kong stocks inch up; banks lead gains

Source: Dukascopy Bank SA
© Scanpix/AFP
Hong Kong shares climbed on Thursday despite speculation that PoBC is likely to raise interest rates in H2 of 2013 due to brighter economic outlook. The Hang Seng Index inched up 0.16% to end the session at 22,659.78. Four in nine sectors moved higher. The top-performers were oil and gas firms as well as financials. Sinopec and PetroChina jumped 0.80% and 0.18%, while Hang Seng Bank and HSBC Holdings added 0.42% and 1.42%. However, banks' gains were limited as mainland's banking regulator ordered banks to tighten scrutiny of sales to third parties. Moreover, forecasts that Chinese lenders will see a decline in profits next year added pressure on financial stocks. Property developers also moved higher on forecasts that home prices may climb by about 5% next year. SHK Properties and Henderson Land gained 0.09% and 0.54%. At the same time, utilities and technology companies led losses. China Resources Power and Power Assets Holdings dipped 0.10% and 0.08% while Tencent dropped 0.16%.


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