Market Review

Hong Kong stocks held onto gains for a seventh straight session as gains in large cap banks offset a late bout of profit-taking in property issues after a better than expected land auction in the city. The HSI rose 0.6% to 21,091.18, closing above a key resistance level at its 200-day moving average for the first time since April. The HSCEI rose 0.4% to 11,972.8 points. Shares of BOC Hong Kong (2388 HK), a unit of Bank of China, was also among the top gainers on the Hang Seng, rising 3% to HK$19.80. Mainland-based airline stocks also rose, led by China Eastern Airlines (670 HK) which jumped 5% to HK$4.18 on analysts’ upgrades.