Hong Kong Stocks Swing Between Gains, Losses on Utilities
Hong Kong stocks swung between gains and losses as utilities extended declines and retailers advanced after sales in the city rose more than expected. Foxconn International Holdings Ltd. (2038) jumped on a rating upgrade from Morgan Stanley.
Sa Sa International Holdings Ltd. (178), Hong Kong’s biggest cosmetics chain, rose 1.1 percent. Foxconn, a maker of phones for Nokia Oyj, jumped 7.2 percent after Morgan Stanley recommended the stock. Power Assets Holdings Ltd., the Hong Kong utility controlled by billionaire Li Ka-shing, extended its three-day drop to 7.2 percent.
The Hang Seng Index fell 0.2 percent to 22,429.40 as of 10:17 a.m. in Hong Kong after rising as much as 0.4 percent. Twice as many stocks declined as gained on the 50-member gauge, which is heading for a 0.9 percent weekly loss. The Hang Seng China Enterprises Index (HSCEI) of mainland companies sank 0.7 percent to 10,610.62.
Futures on the Hang Seng Index dropped 0.3 percent to 22,133. The HSI Volatility Index gained 0.6 percent to 17.08, indicating traders expect a swing of 4.9 percent for the equity benchmark in the next 30 days.
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