Hong Kong shares gained on hopes for easing

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Source: Dukascopy Bank SA
Hong Kong shares extended their gains on speculation the POBC may ease its policy amid lower inflation. Positive data from the US coupled with stronger US and Asian equities also sent China's stocks higher. The Hang Seng Index gained 0.28% to close at 21,207.07. Seven out of nine sectors included in the index advanced. The top-performers were oil and gas companies as well as industrials. CNOOC and PetroChina added 1.01% and 2.29% while Citic Pacific and Hutchison Whampoa moved higher by 0.42% and 0.86%. Property developers also rallied as industry data indicated that home sales increased last week. China Overseas Land & Investment, Hang Lung Properties and New World Development surged 2.27%, 0.42% and 0.32%, respectively. Capping gains of Hong Kong blue chips index, telecommunications and utilities retreated. China Mobile shed 0.48% while Power Assets dropped by 1.13%.


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