Hong Kong Stocks Swing from Loss, Gains; Developers Fall
Sun Hung Kai Properties Ltd. (16), Hong Kong’s biggest builder, dropped 1.5 percent, widening yesterday’s drop on concern rising U.S. interest rates will pressure the property market. Cnooc gained 1.2 percent. Langham Hospitality Investments Ltd. (1270) slumped 7.2 percent as the hotel operator’s shares debuted. Dynam Japan Holdings Co. advanced 1.5 percent after the Hong Kong Economic Journal reported the pachinko-hall operator plans to expand into Macau.
The Hang Seng Index was little changed at 22,546.20 as of 10:16 a.m. in Hong Kong after rising as much as 0.3 percent. About an equal number of stocks gained for every two that dropped on the 50-member gauge, with trading volume 14 percent less than the 30-day intraday average. The Hang Seng China Enterprises Index (HSCEI) of mainland companies was also little changed at 10,747.22.
Futures on the Hang Seng Index rose 0.1 percent to 22,552. The HSI Volatility Index slid 4.7 percent to 16.29, indicating traders expect a swing of 4.7 percent for the equity benchmark in the next 30 days.
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