Hong Kong shares drop on higher-than-expected inflation

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Source: Dukascopy Bank SA
The Hong Kong blue chips retreated after data showed inflation was higher-than-expected in December, raising hopes for more monetary stimulus to heal the nation's economy. The Hang Seng index slid 0.4% to 23,264.07, showing a weekly drop of 0.3%. All but one sector in the gauge edged lower. Basic materials posted biggest losses and were 3.30% down. A decline in the latter was mainly triggered by Citic Pacific that erased 3.6% to HK$13.22. China Shenhua decreased 3.76%, even though the company announced that it has won the auction of a shale gas block located in Southern China. Furthermore, Chalco shares slid 3% after rallying as much as 6.5% on Thursday as Chinese trade balance data dragged down expectations. Meanwhile, among best performers were Sino Land and HSBC Holdings, by adding 1.33% and 0.84%, respectively, and capping losses in financial shares that were only 0.26% lower. Belle Int'L lost 0.9% to $21.85, contributing to losses in the consumer services sector.


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Fri, 11 Jan 2013 17:12:07 GMT

U.K. stocks gain on Japanese monetary stimulus

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