Hong Kong stocks inched up; telecommunications led gains

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Hong Kong equities were slightly higher, outperforming mainland Chinese shares amid uncertainty over what the leadership change will bring. Some experts claim that new leadership is unlikely to result in drastic actions needed to revive Chinese economy. Moreover, mounting concerns over the US fiscal cliff and renewed recession in the eurozone added pressure on Hong Kong stocks. Six out of nine sectors within the index climbed. The top-performers were telecommunications and oil and gas companies. China Unicom Hong Kong and China Mobile rose 2.87% and 0.89%, while CNOOC and PetroChina climbed 1.53% and 0.4% despite weak crude oil prices. However, traders remained cautious as China's government is set to cut diesel and gasoline prices later in the day. At the same time, Esprit Holdings dipped 6.17% as its former chairman Michael Ying has not yet requested to join the board.  Li & Fung dived 4.74% after Wal-Mart Stores, the company's major client, posted dismal quarterly results.

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