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Hong Kong: Shares surge in response to upbeat China trade data
[HONG KONG] Hong Kong shares had their best day in two months on Wednesday, with resources shares leading main indexes up more than 3 per cent to three-month highs after upbeat China trade data offered fresh signs of economic stability.
The Hang Seng index rose 3.2 percent, to 21,158.71, while the China Enterprises Index gained 4.0 per cent, to 9,191.49 points.
China's March exports came in higher than forecast, rising 11.5 per cent from a year earlier, the first increase since June and the largest rise since February 2015. Imports fell 7.6 per cent from a year earlier, less than expected.
Reflecting the improving outlook for China's economy, the International Monetary Fund (IMF) on Tuesday nudged up forecasts for China's growth this year, even as it trimmed the outlook for the world.
Energy shares were bullish on Wednesday, with an index tracking the sector surging 5.6 per cent to a five-month high, helped by jumps in oil heavyweights including Sinopec , PetroChina and CNOOC.
Resources shares were also strong, inspired by a rally in global commodity prices.