Shares on the Hong Kong Stock Exchange ended Monday trading more than half a percent stronger. The financial sector and utility stocks have signed up to positive developments. Higher growth was smed up by data on the development of china’s economy.
Hong Kong’s Hang Seng index rose nearly two percent in early Monday trading. But its growth has been cooled by data on the development of China’s economy for the third quarter of this year. While analysts had expected annual growth of 5.2 percent in gross domestic product in the world’s most populous country, the result was ultimately 0.3 percentage points worse. Still, China‘s economy is on a solid path upwards. The International Monetary Fund will give it more than 8% growth next year.
The main drags of Monday’s trading in Hong Kong were the financial sector and network companies. Industrial and Commercial Bank of China shares rose 3.62 percent and the entire financial sector index rose 1.2 percent. Utilities as a whole then strengthened by almost two percent. Xiaomi Corporation shares, which lost more than four percent of their value, were the biggest flops early in the new trading week.