Hong Kong stocks moved higher on upbeat PMI reading

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Source: Dukascopy Bank SA
Hong Kong shares inched up on Thursday on positive China's PMI reading. China's PMI showed expansion in October, spurring hopes that the world's second-largest economy is stabilizing. Market sentiment was further boosted by record liquidity injection by the POBC at the end of the month. The Hang Seng Index added 0.83% to close at 21,821.87. Eight out of nine sectors included in the index moved higher. Consumer services rallied 2.17%, with Sands China leading the gains. Sands China rose 2.92% as Macau October gaming revenue surged 3.2%. Property developers were bullish on news that China's new home prices eased up 0.17% in October. China Overseas Land & Investment, China Resources Land and Hang Lung Properties gained 1.48%, 0.11% and 0.74%, respectively. Lenders advanced as POBC measures eased liquidity conditions. Bank of China, Bank of Communications and China Construction Bank jumped 0.63%, 1.62% and 0.86%, respectively.


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