Hong Kong shares climbed, boosted by lenders

Source: Dukascopy Bank SA
© Scanpix/AFP
Hong Kong stocks traded mostly higher on Monday after state-owned media announced more fund allocations of China's social security fund, raising hopes for more investment flow in the banking sector. Moreover, recently China's government has removed limitations on investments made by insurance firms into Chinese banks. The move spurred rally in financial stocks. However, the upswing remained capped by mounting uncertainty over the US fiscal deadlock. The Hang Seng Index added 0.16% to close at 22,541.18. Five out of nine sectors included in the index moved higher. The top-performers were utilities and lenders. Power Assets and Hong Kong and China Gas climbed 0.92% and 0.96%. Among banks, Construction Bank of China, ICBC and HSBC Holdings rallied 1.14%, 0.73% and 0.68%, respectively. At the same time, technology firms and telecommunications were the top-losers. Tencent dropped 0.56% while China Mobile slumped 0.50%.


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