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HK shares end higher in holiday sentiment
Source: Bloomberg News |
December 25, 2012, Tuesday
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Print Edition
Print Edition
HONG Kong stocks climbed, with the Hang Seng Index rising after its first weekly loss in a month, as Chinese banks increased. Gains were tempered by declines in exporters amid speculation that US lawmakers will fail to reach a budget deal in time to avert the so-called fiscal cliff.
China Minsheng Banking Corp, the nation's first non-state lender, led the country's financial companies higher, adding 1.8 percent. Cathay Pacific Airways Ltd, Asia's biggest international carrier, gained 1.4 percent after planned industrial action was called off. Li & Fung Ltd, a supplier of toys and clothes to Wal-Mart Stores Inc, slid 0.7 percent as a year-end deadline looms for US lawmakers to avoid more than US$600 billion in automatic tax increases and spending cuts.
The Hang Seng Index added 0.2 percent to close at 22,541.18. Hong Kong's market was only open for a half day ahead of a two-day holiday for Christmas. Trading volume on the index, which last week capped its first decline in five weeks, was 16 percent lower than the 30-day average, according to data compiled by Bloomberg News.
"There's hardly any movement, everyone is in holiday mode," said Francis Lun, Hong Kong-based managing director at Lyncean Securities Ltd, adding that any movement in Hong Kong stocks was coming from sentiment about the mainland. "There's optimism that the Chinese economy will grow strongly again after a deep slide in the third quarter."
Chinese stocks listed in Hong Kong followed mainland-listed shares higher as the Shanghai Composite Index edged up 0.5 percent.
China Minsheng Banking Corp, the nation's first non-state lender, led the country's financial companies higher, adding 1.8 percent. Cathay Pacific Airways Ltd, Asia's biggest international carrier, gained 1.4 percent after planned industrial action was called off. Li & Fung Ltd, a supplier of toys and clothes to Wal-Mart Stores Inc, slid 0.7 percent as a year-end deadline looms for US lawmakers to avoid more than US$600 billion in automatic tax increases and spending cuts.
The Hang Seng Index added 0.2 percent to close at 22,541.18. Hong Kong's market was only open for a half day ahead of a two-day holiday for Christmas. Trading volume on the index, which last week capped its first decline in five weeks, was 16 percent lower than the 30-day average, according to data compiled by Bloomberg News.
"There's hardly any movement, everyone is in holiday mode," said Francis Lun, Hong Kong-based managing director at Lyncean Securities Ltd, adding that any movement in Hong Kong stocks was coming from sentiment about the mainland. "There's optimism that the Chinese economy will grow strongly again after a deep slide in the third quarter."
Chinese stocks listed in Hong Kong followed mainland-listed shares higher as the Shanghai Composite Index edged up 0.5 percent.
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