Hong Kong Stocks Swing From Gain, Loss Before China Data
Hong Kong stocks swung between gains and losses amid low trading volume before the release of China trade data tomorrow. Yue Yuen Industrial Holdings Ltd. (551) slumped after saying its first-quarter performance showed a downturn.
Yue Yuen, which makes shoes for companies including Nike Inc., dropped 8.3 percent. SJM Holdings Ltd. (880), Asia’s biggest casino company, gained 2.7 percent after reporting higher profit. Beijing Tong Ren Tang Chinese Medicine Co., a maker of health products, more than doubled on its trading debut.
The Hang Seng Index lost 0.1 percent to 22,886.04 as of 9:59 a.m. in Hong Kong after climbing 0.1 percent. About three stocks declined for every two that rose on the 50-member gauge. Trading volume was 41 percent below the 30-day intraday average. The Hang Seng China Enterprises Index (HSCEI) of mainland companies retreated 0.4 percent to 10,961.26.
Futures on the Hang Seng Index gained 0.1 percent to 22,781. The HSI Volatility Index dropped 1.4 percent to 15.06, indicating traders expect a swing of 4.3 percent for the equity benchmark in the next 30 days.
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