Hong Kong stocks rose on hopes for easing from PBOC

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Source: Dukascopy Bank SA
© Scanpix/AP
Hong Kong shares posted mild gains on Monday on speculation that China's government will embark on easing measures to stimulate economy. However, negative news from the US and Europe weighted down on Hong Kong shares. Wall Street faced sharp losses on Friday as the largest companies reported weak quarterly results. At the same time, investors were disappointed by lack of results from the EU summit. The Hang Seng Index climbed 0.68% to close at 21,697.55. Six out of nine sectors included in the index advanced. Technology companies as well as telecommunications were the top-gainers. Tencent rose 1.45% while China Unicom Hong Kong and China Mobile added 1.33% and 1.06%. China Mobile is scheduled to announce quarterly results later in the day. Banks also were bullish. Construction Bank of China and Bank of China climbed 1.21% and 1.29%. Dragging China's shares lower, oil and gas major dropped; PetroChina shed 1.26%.
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