Hong Kong Stocks Advance on Unexpected Gain in China PMI
Hang Lung Properties Ltd. (101), a developer that gets most of its revenue from Hong Kong, gained 2.6 percent after tumbling 8.1 percent last week. Power Assets Holdings Ltd. rose 2.1 percent as utilities rebounded from the biggest weekly drop since August 2011. China Foods Ltd. (506), a maker of products including beverages, snacks and instant food, slumped 9 percent after saying it expects its operating profit to fall.
The Hang Seng Index climbed 0.4 percent to 22,470.32 as of 10:01 a.m. in Hong Kong, with three stocks gaining for every two that declined on the 50-member gauge. The index pared gains after a private gauge of Chinese manufacturing showed contraction last month. The Hang Seng China Enterprises Index (HSCEI) of mainland companies rose 0.3 percent to 10,627.16.
Futures on the Hang Seng Index advanced 0.3 percent to 22,239. The HSI Volatility Index gained 3.6 percent to 17.18 indicating traders expect a swing of 4.9 percent for the equity benchmark in the next 30 days.
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