Hong Kong stocks inched up; consumer goods led gains

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Source: Dukascopy Bank SA
© Scanpix/AFP
Hong Kong shares moved higher on Monday despite weak economic data release and fading hopes for easing measures in the country. China's new yuan loans issued in October declined by 14% on an annual basis, indicating that downside risks still persist. The Hang Seng Index added 0.21% to close at 21,430.30. Six out of nine sectors gained. The top-performers were consumer goods and technology firms. Want Want China and Tingyi jumped 2.23% and 1.09%, while Tencent climbed 1.65%. Tencent rallied ahead of its quarterly report as analysts anticipate upbeat results. Meanwhile, property developers also drove the Hang Seng higher. Cheung Kong Holdings and Hang Lung Properties advanced 1.33% and 1.12%. At the same time, basic materials and telecommunications moved lower. China Unicom Hong Kong and Aluminum Corp. of China retreated 3% and 0.3%.


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