Hong Kong Stocks Swing From Gains, Losses; Hengdeli Rise
Hong Kong stocks swung between gains and losses after Chinese Premier Li Keqiang said the economy faces “huge challenges” and that reform will mean slower growth. Hengdeli Holdings Ltd. (3389) jumped after China agreed to cut import tariffs on Swiss watches.
Hengdeli, a retail partner of Swatch Group AG, surged 9.1 percent. China Taiping Insurance Holdings Co., which underwrites life and property policies through subsidiaries, gained 12 percent after saying it will buy its parent’s assets. First Pacific Co. (142), the investment manager controlled by billionaire Anthoni Salim, slid 3 percent after announcing a HK$3.9 billion ($502 million) rights offer.
The Hang Seng Index advanced 0.2 percent to 22,720.18 as of 10:04 a.m. in Hong Kong after losing as much as 0.2 percent. About five stocks gained for every four that fell on the 50-member gauge, with trading volume 67 percent lower than its 30-day intraday average. The Hang Seng China Enterprises Index (HSCEI) of mainland companies climbed 0.3 percent to 10,780.63.
Futures on the Hang Seng Index rose 0.2 percent to 22,682. The HSI Volatility Index slid 0.8 percent to 16.67, indicating traders expect a swing of 4.8 percent for the equity benchmark in the next 30 days.
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