Hang Seng increases on positive corporate earnings data

Source: Dukascopy Bank SA
Hong Kong shares rose on Monday, as the EU and Cyprus policy makers reached a bailout deal, thus reducing the risk of Cyprus unprecedented default. The Hang Seng Index advanced 0.7%, or 135.85 points, to 22,251.15. The gauge has recovered from its biggest decline since August 2012. Seven out of nine sectors posted gains with oil and gas and basic materials adding 2% and 1.5%, respectively. CNOOC Ltd, one of the major Chinese national oil companies, surged 4.2% to HK$14.920, despite the decline 9.5% decline in its net profit for 2012. China Petroleum & Chemical Corp jumped 2.7%, as the company's turnover increased by 11.4% and corporate profit for 2012 topped the analyst estimates. Tingyi Cayman Islands Holding Corp followed with a 2.5% rise to close at HK$19.880. On the downside, Tencent Holdings Ltd lost 1.9% to HK$240.80, posting the biggest two-week decline since May. China Resources Enterprise Ltd dropped 1.7%, pushing the consumer goods sector into the red zone. China Resources Power Holdings Co Ltd closed the top-three with a 1.5% plunge to trade at $HK23.150.
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