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Hong Kong shares near 2012 high, China up on positive signs

Published on Oct 18, 2012 2:10 PM

HONG KONG (REUTERS) - Hong Kong's Hang Seng Index climbed to a seven-month high and China shares made solid gains on Thursday, with growth-sensitive sectors leading the way as investors took heart from data signalling that China's slowdown was drawing to an end.

Official data showed the world's second-largest economy grew 7.4 per cent in the third quarter from a year earlier - its seventh-straight quarter of slowing growth.

But, September industrial output and retail sales data were slightly better than expected, raising hopes that the Chinese economy may have turned a corner.

The Hang Seng rose 0.6 percent to 21,546.1, and was set for a sixth-straight daily gain, equalling a winning streak recorded a year ago. The benchmark is now just shy of the 2012 intra-day high at 21,760.3, recorded on Feb. 20.

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