Hong Kong Stocks Rise a Second Day as Miners, Energy Shares Gain
Jiangxi Copper Co., the country’s biggest producer of the metal, gained 3.4 percent. China Petroleum & Chemical Corp. (386), the nation’s largest refiner, increased 1.4 percent after Morgan Stanley said China’s cut in fuel prices will benefit the company, and oil and gas companies’ refinery margins are likely to improve. Semiconductor Manufacturing International Corp. (981), a chip-services provider, jumped 4 percent after its first-quarter profit beat estimates.
The Hang Seng Index advanced 0.4 percent to 22,279.51 as of 9:50 a.m. in Hong Kong. About three companies rose for every two that declines in the 50-member gauge. The Hang Seng China Enterprises Index of Chinese companies listed in the city gained 0.8 percent to 10,714.98.
Hang Seng Index (HSI) futures rose 0.6 percent to 22,278. The HSI Volatility Index (VHSI) advanced 2.1 percent to 16.95, indicating traders expect a swing of 4.9 percent for the equity benchmark in the next 30 days.
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