Hong Kong stocks climbed despite US fiscal worries

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Source: Dukascopy Bank SA
Hong Kong stocks soared on Wednesday despite lingering concerns over the US fiscal cliff after Ben Bernanke warned that tax increases and spending cuts may result in recession. Meanwhile, market sentiment remained under pressure after FDI posted a 10th consecutive decline in October. The Hang Seng Index surged 1.39% to close at 21,524.36. All sectors within the index climbed. The top-performers were technology and telecommunication sectors. Tencent prolonged a rally, jumping 2.54%. Among telecommunication firms, China Unicom HK and China Mobile added 1.2% and 2.3%. Property developers also climbed on the recent increase in house prices in China. China Resources Land, Hang Lung Properties and Henderson Land rose 2.04%, 0.19% and 0.48%, respectively. At the same time, CNOOC gained 0.37% after announcing that is expects to complete a USD15.1 billion buyout of Nexen by the end of 2012. Other oil companies were also bullish after the data showed that China's commercial crude oil inventories dropped 3.5% last month. PetroChina and Sinopec added 0.2% and 2.14%.
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