Hong Kong equities eased up on US optimism

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Source: Dukascopy Bank SA
© Scanpix/AFP
Hong Kong shares inched up on Monday on hopes that US will manage to avert the fiscal cliff. On Friday, US lawmakers announced that they believe they will reach a consensus over looming tax hikes and spending cuts. Moreover, an advance in the energy sector also buoyed risk appetite. The Hang Seng index climbed 0.49% to close at 21,262.06. Eight out of nine sectors included in the index rose. The top-performers were consumer goods and oil and gas sectors. COSCO Pacific and Want Want China jumped 5.92% and 3.65%, while Sinopec and PetroChina added 1.66% and 0.79%. Oil and gas companies rallied on stronger crude oil prices amid escalated tensions in the Middle East. Moreover, Kunlun Energy soared as the natural gas producer is set to be included into the Hang Seng Index. Meanwhile, Sinopec was further supported by a Citi upward revision of the company's share rating from ‘neutral' to ‘buy' due to recovery in refining margins. On the downside, Ping An shed 1.93% on news that HSBC plans to sell its 15.6% stake in the insurance company.

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Mon, 19 Nov 2012 15:58:55 GMT

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