Hong Kong Stocks Erase Declines as Tencent, AAC Jump to RecordsBy
Hong Kong’s Hang Seng Index trimmed early losses as AAC Technologies Holdings Inc. and Tencent Holdings Ltd. rallied, overshadowing declines by the city’s developers.
The Hang Seng Index closed down 0.02 percent at 28,596.80, after falling as much as 1.6 percent in morning trading. AAC climbed 10 percent after Bank of America Corp. upgraded the shares, while Tencent gained for a seventh day. New World Development Co. led a retreat by real estate developers after a measure of secondary home prices fell to its lowest level since May.
- New World declined 1.8 percent. The Centaline Property Centa-City Leading Index fell 0.7 percent in Oct. 23-29, its biggest decline since January. Hong Kong interbank rates have jumped in the past month, with one-month Hibor reaching its highest level in nine years last week.
- Cathay Pacific Airways Ltd. declined 1.5 percent after Qatar Airways Ltd. agreed to acquire a stake, dimming the prospect of a merger with Air China Ltd.
- China Oilfield Services Ltd. led gains by energy explorers after Sanford C. Bernstein raised its rating on the stock to outperform. PetroChina Co. climbed 3 percent.
- The Hang Seng China Enterprises Index fell 0.7 percent while the Shanghai Composite Index rose 0.5 percent.