Hong Kong equities rose on stimulus hopes

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Source: Dukascopy Bank SA
© Scanpix/AP
Hong Kong shares rebounded on Thursday amid rising hopes that the POBC will ease its prudent monetary policy to stimulate faltering economy. However, Hong Kong equities came under heavy pressure after S&P downgraded Spanish debt rating to one level above ‘junk' status. The Hang Seng Index gained 0.38% to end the session at 20,999.05. Five out of nine sectors included in the index moved higher. The best performers were oil and gas companies as well as financials. CNOOC and PetroChina gained 1.28% and 1.76% on brighter demand perspectives as China may embark on stimulus measures. Among financials, Bank of Communications and ICBC jumped 3.50% and 4.26% after Central Huijin announced that it bought shares of "Big 4" banks and planned to continue increasing its stakes. On the downside were property companies amid profit taking. Sino Land and Hang Lung Properties slumped 2.68% and 3.74%.


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