Hong Kong shares extend their gains on Wednesday

Source: Dukascopy Bank SA
Hong Kong equities closed higher on Wednesday with the Hang Seng Index rising 0.96%, or 217.34 points, to 22,777.84, as financials and exporters were boosted by overnight gains on Wall Street. All but one group in the index advanced at least 0.4%. Belle International posted biggest gain in the gauge, as BofA Merrill Lynch maintained the retailer's "buy" rating. China Overseas Land & Investment followed with a 3.2% advance to close at HK$20.05 after developers shrank earlier this week on tightened mortgage rules. China Merchant Holdings jumped 2.6%, as Daiwa Research upgraded its stock rating to "buy" saying that the global recovery in trade might positively impact the container-manufacturing business. On the downside, Kunlun Energy with 1 .2% slump to cap gains in the oil and gas sector that was 0.1% up. Furthermore, Esprit Holdings slid 1.1%. The company posted $60 million loss in February.


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