Hong Kong Stocks Swing From Gains, Losses on Developers
Hong Kong stocks swung from gains and losses as developers declined on concern China may take more steps to curb property prices, while exporters climbed on optimism the Federal Reserve will maintain record stimulus.
China Overseas Land & Investment Ltd. (688), the largest mainland property company traded in Hong Kong, dropped 1.1 percent. Man Wah Holdings Ltd. (1999), a sofa maker that gets half its sales from the U.S., climbed 4.5 percent. Lenovo Group Ltd. (992), the world’s second-biggest maker of personal computers, gained 3.5 percent after saying it’s in preliminary negotiations on a joint venture, without identifying the party.
The Hang Seng Index (HSI) rose 0.1 percent to 22,306.27 as of 9:51 a.m. in Hong Kong after falling as much as 0.3 percent. About three stocks advanced for every two that declined on the 50-member gauge, with trading volume 21 percent higher than its 30-day intraday average. The Hang Seng China Enterprises Index (HSCEI) of mainland companies added 0.2 percent to 10,570.53.
Futures on the Hang Seng Index rose 0.2 percent to 22,043. The HSI Volatility Index fell 0.5 percent to 17.17, indicating traders expect a swing of 4.9 percent for the equity benchmark in the next 30 days.
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