Hong Kong shares close 1.20% higher

HONG Kong shares have climbed 1.20 per cent, in line with a regional rebound after recent selling fuelled by concerns over the US fiscal cliff.

The benchmark Hang Seng Index, which had lost more than four per cent in the past four sessions, rose 253.34 points to 21,441.99 on turnover of HK$48.34 billion ($A6.01 billion) on Wednesday.

Dealers were also looking to mainland China as the Communist Party prepares to unveil its top decision-making body on Thursday, with hopes leaders will clarify their plans for the economy.

The index, along with global markets, has fallen over the past week as investors grow nervous about the US fiscal cliff of tax hikes and spending cuts that are due to take effect from January 1.

The package, agreed last year during a spending cap face-off between Democrats and Republicans, will almost certainly tip the economy back into recession if a deal between deeply divided politicians cannot be made.

"It is difficult to understand the confidence that investors have in the ability of US politicians to accomplish in the next few months what they haven't been able to do in the past two years," investment house UBS said.

US politicians are expected to begin negotiations on Friday.

In Hong Kong, aluminium giant Chalco rose 2.8 per cent to HK$3.32, while China's largest two banks ICBC and China Construction Bank, and mainland developer China Resources Land all rallied more than 3.0 per cent.

Chinese shares closed 0.37 per cent higher. The benchmark Shanghai Composite Index added 7.53 points to 2,055.42 on turnover of 35.9 billion yuan ($A5.59 billion).

"The market is likely to welcome a Politburo Standing Committee line-up that includes more leaders who favour reform," Changjiang Securities analyst Wu Bangdong told Dow Jones Newswires.

Aluminium producers rose as dealers bet that the falls in prices would be arrested after state media said China may soon start government procurement of the metal.

Chalco jumped 4.65 per cent to 4.95 yuan, Shandong Nanshan Aluminium rose 2.22 per cent to 6.45 yuan and Dongyangguang Aluminum added 0.86 per cent to 8.24 yuan.

Among liquor makers, Xinjiang Yilite Industry gained 3.01 per cent to 13.68 yuan, while Sichuan Swellfun climbed 1.33 per cent to 22.81 yuan.

Anda sedang membaca artikel tentang

Hong Kong shares close 1.20% higher

Dengan url

http://cucidollaran.blogspot.com/2012/11/hong-kong-shares-close-120-higher.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Hong Kong shares close 1.20% higher

namun jangan lupa untuk meletakkan link

Hong Kong shares close 1.20% higher

sebagai sumbernya