Hong Kong Stocks Swing Between Gains, Losses on Lenovo
Hong Kong stocks swung between gains and losses after yesterday falling the most in seven weeks. Developers slid and Lenovo Group Ltd. (992) surged after saying it’s seeking acquisitions to boost smartphone and tablet businesses.
Lenovo, a computer maker that has $3 billion in cash reserves, advanced 3.5 percent to lead gains on the Hang Seng Index after an executive said there was “no limit” to the size of acquisitions as it expands. Tencent Holdings Ltd. (700), China’s No. 1 Internet company, increased 1.6 percent from yesterday’s drop. Wharf Holdings Ltd. (4), the third-largest developer in Hong Kong by market value, led a measure of property companies lower.
The Hang Seng Index fell 0.1 percent to 22,639.46 as of 11:17 a.m. in Hong Kong after rising as much as 0.5 percent. The gauge yesterday dropped 2.5 percent, and is headed for a 1.8 percent decline this week. The Hang Seng China Enterprises Index (HSCEI) of mainland companies was little changed at 10,746.45 today.
Futures on the Hang Seng Index rose 0.5 percent to 22,630. The HSI Volatility Index slid 3.1 percent to 17.81, indicating traders expect a swing of 5.1 percent for the equity benchmark in the next 30 days.
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