Hong Kong shares advance on improving Chinese economy

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Source: Dukascopy Bank SA
Hong Kong shares rose, as mainland stocks rallied after a regulator announced China could increase by ten times the quotas for foreign investment. Hong Kong stocks are mainly advancing on gradually improving Chinese economy. The Hang Seng index erased its losses in the last week and climbed 0.7% to 23,418.15. However, only four out of nine sectors in the gauge edged higher. China RES Land advanced 3.3%, the most in the index, followed by BOC Hong Kong that surged 3.21%, both pacing gains in the best-performing financials group that was 1.18%. Furthermore, the insurance company Ping An soared 2.9%, also adding to gains in the financial shares. Alongside to that, Li & Fung posted the biggest losses in the index, by slumping 15.4% after the company reported that its net operating income tumbled 40% in the last year. China Resources, in turn, slid 1.5%, followed by Sino Land with its shares erasing 1.3% to HK$15.06, halting further gains in the financial shares.


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