HK shares end 2.13% higher on China data
Print Edition
Hong Kong shares closed up 2.13 percent yesterday, buoyed by surprisingly better industrial data from China last week that eased fears the world’s second-largest economy is heading toward a slowdown.
The Hang Seng Index gained 463.72 points to 22,271,28, its highest close since early June, on turnover of HK$64.74 billion (US$8.35 billion).
On Friday, China said industrial growth for July hit a five-month high. Industrial production, which measures output at factories, workshops and mines, rose 9.7 percent annually, above analyst hopes.
Gross domestic product in China grew 7.8 percent in 2012, its slowest annual pace in 13 years.
Growth fell to 7.7 percent in January-March and slowed to 7.5 percent in the second quarter, raising concerns over possible deeper weakness.
Steven Leung, head of institutional sales at UOB Kay Hian, said long-term buyers returned to the market yesterday.
Yanzhou Coal rose 9.9 percent to HK$6.55.
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