Chinese banks lead the Hang Seng up

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Source: Dukascopy Bank SA
Hong Kong shares rebounded from their lowest level in one week with Chinese banks edging higher after a brokerage upgrade. The Hang Seng Index added 0.5% to 23,218.5. All but three sectors in the benchmark index edged higher. Chinese banks led gains in the financials sector that was 0.76% up, as New World Development added 3.19% to HK$12.94. China Resources Power Holdings Co surged the most in the index by 3.63% to $HK 19.98, pacing a 0.6% increase in the utilities group. Telecommunications group index was boosted by China Unicom Hong Kong Ltd that added 3.16%. Meanwhile, technology and oil and gas groups shrank the most by 0.94% and 0.65%, respectively. Kunlun Energy shares slid 1.22% to HK $HK 16.24 and Cnooc Ltd lost 1.19%, dragging down the oil and gas sector. Cnooc declined after its parent company's CEO said that the bad weather conditions in Bohai Bay have affected the oil production. Further gains in the consumer goods group were halted by Tingyi that declined 0.95%.


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