Hong Kong equities rose; energy stocks led gains

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Source: Dukascopy Bank SA
Hong Kong stocks swung to gains on Wednesday after two consecutive sessions of losses. Hong Kong equities tracked gains of the overseas stock markets and improved risk appetite after better-than-expected German investor confidence data. Moreover, property developers bounced off Tuesday's lows thus lifting Hang Seng Index. Hang Seng Index jumped 0.71% to finish at 23,307.41. All but one industry included in the index climbed. Oil and gas as well as industrials led gains, soaring 1.15% and 0.95%. PetroChina and CNOOC jumped 2.89% and 0.38%. PetroChina advanced after UBS raised the company's target price to HKD13.3 from HKD11.8 and revised its stock recommendation from neutral to buy. Lenders also joined the rally, with Bank of China and China Construction Bank surging 2.15% and 1.72%. At the same time, China Resources Power and Want Want China put heavy pressure on Hong Kong blue chips index. China Resources Power and Want Want China sagged 2.03% and 1.51%.
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