Hong Kong shares rose on encouraging growth forecast

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Source: Dukascopy Bank SA
© Scanpix/AFP
Hong Kong shares soared as risk appetite improved on hopes that US politicians would finally reach a budget deal. Boosting the market sentiment, experts predict China's economy to expand by 8.2% next year due to steady investment growth and changes in industrial structure. The Hang Send Index surged 1% to 21,922.9. All sectors within the index rallied, with consumer goods, utilities and financials gaining the most.  The best-performers were Belle International, China Resources and Want Want China. China Resources surged 2.36%, touching its 52-week high, whereas Want Want China Holdings and Belle International surged 2.08% and 2.39%. Meanwhile, property developers moved higher as the government is accelerating the pace of land release. Hang Lung Properties and Sino Land climbed 1.81% and 1.77%. The company capping the Hang Seng rally was Cathay Pacific Air, losing 1%. Cathay Pacific Airways fell after reporting that it would cut passenger capacity by 1.6%. The company is currently facing challenges from its possible competitor Spring Air Mulls, which is considering a venture in Hong Kong.
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