=MARKET BUZZ: China Developers, Energy Shares Lift Hong Kong’s HSI By 1.9% This Week
HONG KONG (Jan 12) -- Hang Seng rises 0.9% to 31,412.54, tracking overnight rally on Wall Street. Index up 1.9% this week as global growth optimism fueled rally shows no signs of fading. Gauge has not had a negative daily close since Dec 20, racking up 14-day winning run. Fifth consecutive weekly advance on HSI comes as US indexes continue their record start to year amid upbeat growth outlook. The global economy is experiencing its most synchronized expansion since the global financial crisis and the outlook for corporate profits appears favorable. This supports our positive view on equities, Schroder Investment Management Hong Kong says in note. Country Garden top performer this week on HSI, rallying 13% after reporting 78% jump in December sales. China Resources Land rallies 7.3% and China Overseas Land & Investment adds 5.7% after posting robust December contract sales. China Petroleum & Chemical Corp, up 4.5% since last Friday, paces rally in oil explorers as Brent crude reached highest in three years. Heavyweight HSBC posts weekly advance of 3.6% as rising bond yields boost global financials. Link Real Estate Investment Trust drops 4.8%, worst performer on HSI this week amid increasing global bond yields. Shanghai Composite edges up 0.1% today, to take weekly advance to 1.1%.
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