Hong Kong stocks gain as Chinese economy rebounds

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Source: Dukascopy Bank SA
Hong Kong shares advanced after Chinese economic reports showed the nation has snapped the declining economic growth which throughout the last seven quarters. The Hang Seng index closed up 1.1% at 23,601.8, showing its highest level since June 2011. Growth-sensitive groups, such as banks, were among the best performing benchmark indices. All sectors edged higher with oil and gas shares jumping 2.11%, the most in the gauge. Cathay Pacific Air gained 3.4%, posting the biggest gains, as recent figures showed growing number of passengers and rising cargo and mail tonnage in December, in comparison with December 2011. The company led gains in consumer services shares. Furthermore, Belle International, women footwear retailer, surged 3.29% to HK$17.54. Chalco or Aluminium Corp. of China rallied 3.12% to pace gains in basic materials that inched 1.30% higher. Meanwhile, Tingyi stocks lost 1.4% to HK$21.00 and supported consumer services sector, while AIA Group Ltd, the insurance company, eased 0.83% and capped further gains in financials group.
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