Hong Kong Stocks Rebound After U.S. Housing Data; Huaneng Jumps
Hong Kong stocks rose, with the benchmark index rebounding from yesterday’s drop, after U.S. new-home sales beat estimates. Huaneng Power International Inc. (902) jumped after its first-quarter profit climbed.
Huaneng Power, the publicly traded unit of China’s largest electricity producer, jumped 4.1 percent after its first-quarter profit more than doubled. Techtronic Industries Co. (669), a power- tool maker that counts North America as its biggest market, increased 0.9 percent. Jiangxi Copper Co., the country’s biggest producer of the metal, advanced 1.3 percent as it rebounded from yesterday’s loss.
The Hang Seng Index climbed 1 percent to 22,013.72 as of 10:09 a.m. in Hong Kong, after yesterday posting its biggest drop in a week on China’s weaker-than-expected preliminary manufacturing data. All but six stocks rose in the 50-member gauge with trading volume 7.9 percent below the 30-day intraday average. The Hang Seng China Enterprises Index of Chinese companies listed in the city increased 1.2 percent to 10,554.71.
Hang Seng Index (HSI) futures rose 1.1 percent to 22,022. The HSI Volatility Index (VHSI) dropped 3.8 percent to 16.52, indicating traders expect a swing of 4.7 percent for the equity benchmark in the next 30 days.
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