Hong Kong blue chips send Hang Seng to its 19-month high

Source: Dukascopy Bank SA
© scanpix/reuters
Hong Kong blue chips advanced sending up the Hang Seng index adding to its 23% gain in the last year, as U.S. lawmakers reached a budget deal and Chinese manufacturing sector improved for a third month. A report on January 1 showed China Purchasing manager's Index was 50.6 the prior month. The index jumped 2% to 23,103.97, first time in 19 months the gauge has exceeded 23,000. All groups within the gauge edged higher.  The sector that gained the most was Basic materials with a 4% gain, whereas Utilities sector was the weakest with a 0.7% gain. The Citic Pacific Company, which makes mines iron ore and steel, added 11.4%, while China Life Insurance, the word's largest insurance company by market value, added to gains in financial stocks by rising 6.7%. Financial equities advanced on announcement from Zhou Xiaochuan, governor of People's Bank of China, that China will maintain strong monetary policy in the year 2013. Insurers surged after China Securities Regulatory Commission said it would allow securities brokers and asset management units to set up mutual funds. Alongside to that, HKEX shares jumped 7.58%, showing the second best result among companies within the index.

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