HK shares extend gains

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© scanpix/AFP
Hong Kong shares persisted to advance, touching their highest level since August 2011. The gains were prompted by a rally in Chinese onshore markets and comments from the new Communist Party chief. In addition, the investor appetite has been renewed on appreciating euro and advancing Asian stocks. The Hang Seng index surged 2.16% to 22,270.91 after peaking at 22,274.04 earlier in the session. All sectors within the index climbed with Basic Materials taking the leader position of a 2.9% increase, followed by Financials with a 2.3% rally and Industrials with a 2.27% surge. All companies included in the index posted gains. Among the best performers were Ping An, China RES Power and Wharf Holdings by jumping 4.94%, 4.74% and 4.27%, respectively. Ping AN surged to HK$60.60, as Thai group bought a minority stake of $9.4 billion from HSBC. The latter event ranks as second largest deal in Asia this year. Other insurers rallied amid abolishment in a regulation for insurance companies  on investment limits in commercial banks. The companies posting the smallest gains were MTR Corporation, Power Assets and SHK PPT.



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