Hong Kong equities climbed on hopes for reforms

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Source: Dukascopy Bank SA
© Scanpix/AFP
Hong Kong equities advanced on Friday as upbeat PMI data continued to lend support for Chinese shares. Market sentiment was also boosted by China's officials' comments that the country is moving towards reforms as China enters a new stage of economic development. However, concerns that the Eurozone's finance ministers still have not agreed on the next Greek bailout tranche  capped  gains of Hong Kong shares. The Hang Seng Index rose 0.79% to end the week at 21,913.98. Seven out of nine sectors climbed. The top-performers were basic materials and industrials. Miners rallied on speculation that China's government may lower taxes for iron ore producers. Aluminum Corp of China (Chalco) added 0.6%. Among industrials, Citic Pacific and Hutchison Whampoa jumped 1.65% and 1.02% on signs of expansion of China's manufacturing activity. Property developers were bullish for the third session in a row, with China Resources Land and Hang Lung Properties surging 2.54% and 2.22%.

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