Bloomberg News

Hong Kong Stocks Rally on U.S. Data Ahead of China GDP

January 17, 2013

Hong Kong stocks gained, with the city’s benchmark index headed for its first advance in four days, before a report expected to show China’s economic growth accelerated and as fewer Americans applied for jobless benefits.

Techtronic Industries Co. (669), a maker of power tools that counts North America as its biggest market, gained 3.6 percent. Beijing-based Soho China Ltd. led developers in China higher, increasing 2.6 percent, after home prices in the country rose in December from the previous year. Sands China Ltd., added 2.2 percent after its parent company, Las Vegas Sands Corp., said it was seeking a buyer for its casino in Bethlehem, Pennsylvania.

“If we can break above the 23,600 level, momentum will probably accelerate,” said Alex Wong, an asset-management director at Ample Asset Management Ltd. in Hong Kong. “It’s too early to call. It all depends on the China GDP reaction.”

The Hang Seng Index (HSI) added percent 0.9 percent to 23,539.80 as of 9:45 a.m. in Hong Kong. The Hang Seng China Enterprises Index of mainland companies rose 1.6 percent to 12,045.04.

To contact the reporter on this story: Eleni Himaras in Hong Kong at ehimaras@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net


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