Hong Kong Stocks Rebound After Easter Break
Hong Kong stocks rebounded as the market reopened from the Easter holiday after the city’s benchmark index posted its first quarterly decline since June.
Shimao Property Holdings Ltd. led Chinese developers higher, gaining 4.8 percent after the Hang Seng Property Index fell 12 percent from this year’s high through yesterday. PetroChina Co., Asia’s biggest company by market value, gained 2.6 percent as China’s oil consumption increased in February. Techtronic Industries Co. (669), which gets 72 percent of its revenue from North America, slid 1.9 percent after after data on U.S. manufacturing missed estimates.
“It seems to me there is a technical rebound,” Linus Yip, a Hong Kong-based strategist at First Shanghai Securities Ltd., said by telephone. “For Hong Kong, it already dropped a lot in the past two months, but the U.S. market is still at a historic high.”
The Hang Seng Index (HSI) advanced 0.3 percent to 22,374.56 as of 10:35 a.m. in Hong Kong. The index fell 6.4 percent through yesterday from this year’s high on Jan. 30.
The Hang Seng China Enterprises Index (HSCEI) gained 0.3 percent to 10,929.80 after rising as much as 0.9 percent and falling as much as 0.8 percent.
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