Hong Kong market rises after upbeat China data

The Hong Kong stock market ended higher on Wednesday, 05 August 2015, on the back of surge in China service business activity to11-month high and vow by the China central bank to stabilise market. However, market gain was limited after survey data of Hong Kong private sector companies signalled a further deterioration in overall operating conditions at the start of the third quarter. The Hang Seng Index ended 108.40 points, or 0.44%, higher at 24514.16 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, rose 50.92 points, or 0.46%, to 11125.84 points. Turnover reduced to HK$68.6 billion from HK$74.7 billion on Tuesday.

The Nikkei Hong Kong Purchasing Managers' Index (PMI) posted at 48.2 in July, down from 49.2 in June, and signalled a further deterioration in the health of the sector. Operating conditions have now worsened in each of the past five months. Though moderate, the latest rate of deterioration was the second-sharpest since October 2014.

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