Hong Kong shares close 0.21% higher
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HONG KONG, Nov 12 AFP
November 12 2012, 9:24PM
Hong Kong shares have risen 0.21 per cent after China released another batch of data indicating the world's No.2 economy is recovering from a recent slowdown.
The benchmark Hang Seng Index on Monday added 45.92 points to 21,430.30 on turnover of HK$45.56 billion ($A5.68 billion).
Official data on Saturday showed China's economy is emerging from a drawn-out slumber, with exports up 11.6 per cent year-on-year in October, following a near 10 per cent jump in September.
The numbers came a day after officials said industrial output surged last month, while government asset investment also saw a healthy rise.
Zhang Ping, head of the National Development and Reform Commission, said the growth slowdown, which has impacted the global economy, had been "effectively curbed".
CLSA Asia-Pacific Markets said in a note: "Two consecutive months of strengthening China macro numbers should separate the realists form the perma-bears."
However, weak growth figures from Japan and Europe's debt woes continue to keep traders jittery, while there is also growing concern over the looming US fiscal cliff of tax hikes and spending cuts that could hit the world's top economy.
In Hong Kong, sourcing firm Li & Fung bounced 1.1 per cent to $HK12.52 after falling 7.3 per cent over the previous three sessions, while Chinese internet company Tencent added 1.7 per cent to $HK271.40.
Hong Kong property stocks also got some bargain-hunting interest.
Cheung Kong rose 1.3 per cent to $HK114.40 and Henderson Land added 0.7 per cent to $HK53.10.
Chinese shares closed up 0.49 per cent. The benchmark Shanghai Composite Index rose 10.21 points to 2,079.27 on turnover of 42.1 billion yuan ($A6.47 billion).
However, Lianxun Securities analyst Cao Weidong told Dow Jones Newswires: "The market still lacks strong upward momentum as investors doubt that positive signs in the Chinese economy indicate a sustainable recovery is under way."
Banks led the market gains on bargain-buying. Bank of Beijing ended up 2.1 per cent at 7.24 yuan and Citic Bank added 2.0 per cent to 3.65 yuan.
Property developers also rose. Poly Real Estate Group jumped 3.2 per cent to 11.62 yuan while China Vanke rose 2.2 per cent to 8.56 yuan.