04.07.201405:54:55UTC+00Hong Kong stocks rally on upbeat US data

Hong Kong stocks extended weekly gains for the second week as it rose while US unemployment rate plummet to a near six-year low. The benchmark index was also driven by good data from Chinese property shares and casino operators.

The Hang Seng Index fell as much as 0.1% in the trade but finished with a 0.1% gain to 23,546.36. The gauge week performance show that it had increased by a total of 1.4% which equates to its highest increase within seven weeks. The H-share Index or the Hang Seng China Enterprises Index also gained with a 0.3% addition to 10,489.56. The volume of trade in the market is 23% lower than the 30-day average.

Second largest mainland developer, China Resources Land Ltd. advanced 3.3% following the Alliance British Holding LP comment that indicated the exaggeration in Chinese real estate. HSBC Holdings Plc recommendation on Galaxy Entertainment Group Ltd. drove the casino operator’s shares to a 2.6% gain.

Fund manager at Philip Capital Management, Louis Wong commented that the healthier US economy is overriding the concerns on increasing interest rates by the investors. Wong adds that the US holiday is  curbing the enthusiasm of investors to participate in the market. “There’s still some profit-taking pressure for Hong Kong after its strong gain on Wednesday”, he said.