China's shares moved higher despite weak services PMI release

© Scanpix/AFP

Hong Kong shares inched up despite negative data from national economy. China's services PMI tumbled to the lowest level in two years. Moreover, Asian Development Bank downgraded China's GDP growth estimate by almost one per cent point to 7.7% compared to 8.5% previously expected. The bank also warned that downside risks will persist in the short term. The Hang Seng Index added 0.23% to end Wednesday's session at 20,888.28. Four in nine sectors included in the index climbed. The best-performers were utilities and telecommunications. Hong Kong and China Gas and CLP Holdings moved higher by 0.84% and 1.73% while China Mobile gained 0.58%. AIA also joined the rally as experts  expect the company to announce stronger-than-expected operating profits in Q3. Meanwhile, oil and gas firms weighted down on China's blue chips index. CNOOC and PetroChina dropped 0.38% and 0.98%.