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HK bucks trend, lifted by transportation

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ship_2 January 17, 2014 (Chinavestor) Disappointing earnings reports from Goldman Sachs (NYSE:GS) and Citigroup (NYSE:C) dragged down the markets on Thursday. The Dow Jones Industrial Average (INDEXDJX:DJI) fell 64.9 points or 0.4%. The China ADR Index, compiled by Chinavestor and measuring the performance of US listed Chinese stocks, slid 4.3 points or 0.6%. Sina Corp. (NASDAQ:SINA) fell $4.0, the most among major Chinese stocks. Rumors that a new app from rival Tencent (HKG:0700) is taking away users from Sina's Weibo microblog were behind the decline. But Baidu Inc. (NASDAQ:BIDU) shook off bad news and rose $2.5 lifting the rest of the tech sector. Despite weak market sentiment globally, the Hang Seng Index (INDEXHANGSENG:HSI) rose 146.9 points or 0.6% on Friday. Even close regional indexes such as the Nikkei 225 and the Shanghai Composite fell on Friday. China will release year-over-year GDP data on Monday and is expected to come out lower then last year's 7.8%. It's not that a universal rally lifted the index in Hong Kong but a few, mostly transportation related stocks with big advances. Sinotrans (HKG:0598) surged 8.5% while China Shipping Development (HKG:1138) jumped 4.4%. Jiangsu Expressway (HKG:0177) rose 2.8%. China Cosco (HKG:1919), China's largest container shipper, rose 2.7%.

 

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