Hong Kong equities climbed on stimulus hopes

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Source: Dukascopy Bank SA
© Scanpix/AP

Hong Kong shares rose on Tuesday as market sentiment was boosted by reports that the POBC pumped 265 billion Yuan into money market in an attempt to ease liquidity pressure. Moreover, recent China growth forecast' cut by the World Bank fuelled speculation that the government will embark on additional easing measures to boost growth. The Hang Seng Index gained 0.54% to close at 20,937.28. Six out of nine sectors included in the index climbed. The top-performers were oil and gas firms and basic material producers. CNOOC and PetroChina added 0.65% and 2.11% while Aluminum Corp of China (CHALCO) advanced 0.63%. Lenders also moved higher. Bank of Communications, Bank of China and Construction Bank of China rose 3.43%, 0.69% and 0.92%, respectively. ICBC added 1.54% after Central Huijin Investment reported that it bought 6.3 million shares of ICBC. Capping the upswing of China equities, technology firms retreated 0.56%. Tencent dropped 0.38% on the overall weakness of global technology companies.

 

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