HK shares up as China growth beats forecasts

Local blue-chips rallied to a nearly one-year high on Monday on news that China’s economy grew a more-than-expected 2.3 percent last year.

The Hang Seng Index finished near its highest level of the day, up 288 points or one percent, at 28,862, on turnover of HK$224.4 billion.

Sunny Optical was the top performer, surging 7.5 percent.

Hong Kong Exchanges and Clearing reached another all-time high of HK$485, before closing up 5.2 percent, at HK$482. Heavyweight Tencent also soared to a new record of HK$667.5, before ending the day nearly two percent higher, at HK$657.

Markets across the border recovered early losses to wrap up the day on a positive note. The Shanghai Composite Index gained 0.8 percent, while the blue-chip CSI300 index rallied 1.1 percent. The Shenzhen Composite Index advanced 1.5 percent.

Shares elsewhere in the region were mostly lower. The Nikkei in Japan gave up one percent. Seoul’s Kospi tumbled 2.3 percent. Sydney shed 0.8 percent. Singapore edged down 0.4 percent.