Hong Kong shares end up 0.5pc, China banks gain on liquidity move

PUBLISHED : Tuesday, 30 July, 2013, 2:24pm
UPDATED : Thursday, 01 August, 2013, 4:20pm

Hong Kong shares crept higher in anaemic Tuesday trade, lifted by strength in the Chinese banking sector as the central bank’s first cash injection since February eased jitters about a repeat of last month’s cash crunch.

The Hang Seng Index ended up 0.5 per cent at 21,954 points after earlier testing chart resistance at about 22,034, a near-two month intra-day high set last Friday. The China Enterprises Index of the top Chinese listings in Hong Kong inched up 0.3 per cent.

Turnover in Hong Kong totalled HK$ billion (US$5.8 billion), nearing 2013 lows, as investors marked time ahead of the outcome of a U.S. Federal Reserve policy meeting and China’s official manufacturing managers’ index (PMI) early on Thursday and Friday’s U.S. jobs data.