Hong Kong stocks advance ahead of China data

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Hong Kong stocks advance ahead of China data
from MarketWatch.com - MarketPulse
LOS ANGELES (MarketWatch) -- Hong Kong stocks rose early Thursday ahead of key Chinese data including economic growth and industrial output, with resource and exporter shares among the top performers. The Hang Seng Index rose 0.6% to 21,540.29, while mainland Chinese shares also advanced, sending the Hang Seng China Enterprises Index up 1% and the Shanghai Composite Index ahead by 0.4%. Optimism over global growth and commodity strength helped buoy resource shares, in line with gains for the sector elsewhere in Asia. Aluminum Corp. of China Ltd. rose 3.7%, while Jiangxi Copper Co. added 1.7%, China Shenhua Energy Co. rallied 2.3% and China Petroleum & Chemical Corp., or Sinopec, gained 2.4%. Strong U.S. housing data out overnight appeared to help U.S.-exposed exporters in early moves, as Li & Fung Ltd. improved by 1.8%, and Foxconn International Holdings Ltd. traded 2% higher. On the downside, shares of China Life Insurance Co. dropped 2.6% after it warned of a 55% year-on-year slump in profit for the January-September period.