MARKET BUZZ: Upbeat China Data Lifts Hong Kong's HSI By 3% This Week
Summary
Index of mainland companies trading in HK up 4.3% since last Friday and Shanghai Composite up by 2.6% after Caixin survey shows China factory activity accelerating to four-month highs in December and services sector expanding at quickest pace in three-years. China continues to surprise with its resilience, and "despite three major drags to growth, namely pollution curbs, a cooling property market and deleveraging, overall economic activity looks sustainable and well balanced," DBS Group Research says in note. China property developers amongst top performers amid continued optimism over sales. China Petroleum & Chemical Corp (Sinopec), up 8.7% this week, paces rally in energy shares as Brent crude climbs to new two-and-half-year highs. Galaxy Entertainment Group posts weekly decline of 5.4% after Macau December casino revenues miss expectations.
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