Jun 9, 2013
Asia stocks rise; Nikkei Average rebounds Japanese stocks make a strong recovery following recent losses, while other markets are modestly higher as investors digest a set of poor economic data from China.
Hong Kong stocks rise, with banks higher LOS ANGELES (MarketWatch) -- Hong Kong stocks moved higher in early Monday trade, rising past lackluster Chinese economic data released over the weekend. The Hang Seng Index added 0.5% to 21,677.17, with the Hang Seng China Enterprises Index up 0.4%, while mainland Chinese bourses were closed until Thursday for a holiday. Financials were a strong spot after robust U.S. share gains Friday on the back of a better-than-expected May employment report. Industrial & Commercial Bank of China Ltd. climbed 1.2%, China Construction Bank Corp. and China Citic Bank Corp. rose 1.3% each, and Agricultural Bank of China Ltd. traded 0.6% higher. The property sector was mixed, meanwhile, with Sino Land Co. advancing 1.1%, but Hang Lung Properties Ltd. down 0.9%, and New World Development Co. dropping 0.5% after reports that the firm has regulatory permission to spin off its hotel assets into a trust. The broad advance came despite showing slowing growth in May across much of the Chinese economy, including a much more meager rise for exports than economists had forecast. Hong Kong's Monday gains came after solid losses the previous week, with the Hang Seng Index falling more than 3%.
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