Hang Seng Index closed lower on Eurozone's concerns

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Source: Dukascopy Bank SA
The Hang Seng Index slightly retreated despite rally of other China's benchmark indices. Escalating worries over the Eurozone's debt crisis created heavy pressure on China's blue chips. However, optimistic earnings results as well as speculation that China's government may still provide additional monetary stimulus boosted Chinese equities. The Hang Seng Index inched down by 0.02% to trade at 20,100.09. Four in nine sectors included in the index advanced. Consumer goods and services were the best performers. Tingyi Holdings rose by 6%, extending previous gains after Deutsche Bank raised its share rating from ‘hold' to ‘buy'. At the same time, Belle International dropped by 0.40% ahead of its H1 results release due later in the day. On the downside were also oil and gas firms, with CNOOC leading the decline. CNOOC dropped by 2.96% after the company reported a 19% slump in H1 profits amid closure of its largest offshore oil-field.

 

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