Hong Kong stocks rise on positive U.S. economic data

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Source: Dukascopy Bank SA
Hong Kong equities extended their gains for a second straight day, with the Hang Seng index posting its biggest increase in two months, as U.S. economic data added to bullish sentiment in the market. The Hang Seng Index rose 2% to 23,020.27,posting its biggest gain since January 2. All groups in the gauge edged higher. Citic Pacific, China Coal and New World Development were the most active bulls in the index jumping 7.6%, 5.1% and 3.8%, respectively. The fuel producer China Coal led gains in the oil and gas sector that was 1.4% up, while the Hong Kong builder New World Development soared after posting profit that added 45% to HK$4.1 billion. Meanwhile, Li & Fung posted biggest losses among all blue chip companies, as it slumped 2.10% and capped further improvements in consumer services sector that was 1.3% up. Furthermore, Tingyi slid 0.5% to $HK20.35 and Cathay Pacific Airways lost 0.4% to $HK14.48.
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