Hong Kong shares rally; Hang Seng at 21-month high

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Source: Dukascopy Bank SA
Hong Kong equities jumped on Wednesday on hopes the Fed continues its easing measures. However, the appetite for riskier assets deteriorated after Citigroup warned growth in 2013 may be slower than expected as government may refrain from policy easing amid heavy inflationary pressure. Despite less optimistic China's growth outlook, Hang Seng Index jumped 0.71% to close at the highest mark since May 2011. All sectors advanced, with basic materials and technology companies surging the most. Aluminum Corp of China (Chalco) added 0.27% despite announcing that it expects to post a loss for 2012. Property developers also joined the rally, with Sands China and China Resources Land climbing 2.23% and 2.11% on speculation that Chinese government may tolerate house prices increase of at most 10% in 2013. On the downside, Cathay Pacific Air plunged 3.69% after Nomura trimmed the target price to HKD18 but maintained ‘buy' rating. Nomura also added Cathay pacific Air is likely to announce positive full year results.
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