Hong Shares inch lower as no budget deal reached in Washington

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© scanpix/AFP
Hong Kong shares slightly decreased, halting a further rally on rising concerns over the so called "fiscal cliff". However, foreign investors are showing more interest into Hong Kong's stocks amid speculation Chinese economy is recovering, as recent data show positive signs.

The Hang Seng index fell 0.26%, or 57.77 points, to  22,445.58, even though  shares listed in China outperformed the onshore peers. All but one sector shrank with Utilities being the weakest one. The contraction of the sector was led by a 3.57% decline for shares of CLP Holdings, Hong Kong's largest power provider, after the company raised $982 million via share sell-off. Other sectors that declined were Basic Materials, Telecommunications and Oil and gas by losing 0.49%, 0.46% and 0.36%, respectively. Meanwhile, only Consumer Services factor added 1.37% with Sands China leading the gains in it. The company extended its rally by soaring 3.13%, while Cosco Pacific advanced 1.41% triggering  an increase in the transportation sector. Further contraction in Consumer goods sector was halted by the food and beverage company Want Want China that advanced 1.11%.


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