Hong Kong Stocks Rebound From Biggest Drop in Month
Rusal advanced 3.3 percent today after the world’s biggest maker of aluminum posted a profit as demand for the material rose. Climax International Co. soared 37 percent even after the maker of paper packaging said it plans to raise HK$24.2 million ($3.1 million) in a share placement. Li & Fung Ltd., a supplier to Wal-Mart Stores Inc., advanced 0.8 percent after U.S. retail sales unexpectedly increased. Jiangxi Copper Co. (358), the biggest producer of the metal, slumped 1.3 percent after its equity rating was cut at Macquarie Group Ltd.
The Hang Seng Index gained 0.4 percent to 23,079.40 as of 9:58 a.m. in Hong Kong after falling 1.4 percent yesterday. About four shares rose for each that fell on the 50-member gauge today, with volume about 18 percent below its 30-day intraday average. The Hang Seng China Enterprises Index of mainland companies increased 0.1 percent to 11,123.77.
Futures on the Hang Seng Index (HSI) climbed 0.4 percent to 22,974. The HSI Volatility Index fell 1.7 percent to 15.31, indicating traders expect a swing of 4.4 percent for the equity benchmark in the next 30 days.
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