Stock Market At Two-Weeks High In Hong Kong
Asian Financial majors, China and Hong Kong stock markets rose this week more than what economists had expected. One the other side U. S. jobless claims dropped and additionally, the exports from China were recorded higher.
Companies like Li & Fung Ltd., supplier of Wal-Mart stores and Lenovo Group Ltd., a Chinese personal computer maker gained 1.5 percent and 1.9 percent during stock trading today.
Cnooc Ltd, state-owned Chinese offshore energy explorer gained 2.3 percent after a rise in the oil price. Chong Hing Bank Ltd. gained a whopping 11 percent during trading.
"It's an ongoing trend of recovery in China. Chinese bank stocks are being bought ahead of earnings reports this month. We are seeing some signs of improvement in the U. S. We still have to see whether the recovery trend in those major economies can be sustainable," said Ben Kwong, chief operating officer at brokerage KGI Asia Ltd. in Hong Kong.
The stock market was at a two-week high and had experienced 11.1 times average estimated earnings as compared to yesterday. This was found by Bloomberg after compilation of data.
On the other hand exports got a hike of 21.8 percent in February showing that the economy is stable and is growing at a continuous rate.
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