Hong Kong stocks rallied, supported by metal producers

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Source: Dukascopy Bank SA
© Scanpix/AFP
Hong Kong equities erased previous losses on Wednesday, supported by strong gains in metal producers. China's government stated that the country will resume stockpiling metals in order to boost physical metals' prices. At the same time, looming US fiscal battles and a delay in Greek bailout decision created heavy pressure on Hong Kong blue chips. The Hang Seng Index soared 1.2% to close at 21,441.99. Seven out of nine sectors jumped. Basic materials and lenders led gains. China Construction Bank and Bank of China rallied 3.18% and 2.91%. Meanwhile, Aluminum Corp of China (Chalco) surged 2.79%. Housing firms also moved higher. Hang Lung Properties and Sino Land rose 1.69% and 1.38%. Sending Hong Kong shares lower, Tencent slumped 0.89% ahead of the quarterly report due later in the day. Retailers also were bearish, with Esprit Holdings and COSCO Pacific losing 2.75% and 1.16%.


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