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Hong Kong Stocks Rise On U.S. Data, Europe Debt Talk Progress

12 Dec 2011


Immigration News

Hong Kong stocks rose for the first time in three days after U.S. consumer confidence topped estimates and European leaders expanded a bailout fund and tightened anti-deficit rules.

Yue Yuen Industrial Holdings Ltd., a Nike Inc. shoe supplier that gets about 30 percent of sales from the U.S, rose 1.1 percent. HSBC Holdings Plc, Europe's largest bank by market value, rose 1.8 percent in Hong Kong. Industrial & Commercial Bank of China Ltd., the mainland's biggest lender, gained 2.8 percent on speculation the government may ease monetary policy. Jiangxi Copper Co., China's biggest producer of the metal by market value, gained 1.7 percent after commodity prices rose.

The Hang Seng Index rose 1.4 percent to 18,850.70 at the midday-trading break, with all but five stocks advancing in the 48-member gauge. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong gained 1.9 percent to 10,257.66.

“Of course people are getting relief from the Europe talks, but people probably don't think they still have any long-term solution,” said Alex Wong, an asset-management director at Ample Capital Ltd. in Hong Kong. The U.S. economy is “stronger than expected, and that's helping sentiment.”

The Hang Seng Index last week slid 2.4 percent amid concern growth is slowing in countries including China, Australia and Japan, and after Standard & Poor's said it may cut credit ratings on Germany, France and 13 other members of the euro. Shares on the index traded at 10.1 times forecast earnings at the last close, compared with 12.7 times for the S&P 500 Index.


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