Hong Kong Stocks Mixed at the Open
Hong Kong shares opened higher in choppy early trade Monday after bank earnings reports sparked a strong rally on Wall Street Friday, with HSBC Holdings PLC and Chinese property developers among the gainers.
The Hang Seng Index was up 0.5% at 19,177.91, while the Hang Seng China Enterprises Index gained 0.4% at 9,269.51, with both benchmarks well off the day’s peak.
Heavyweight HSBC gained 1%, China Overseas Land & Investment Ltd. CAOVY climbed 1.1% and coal miner China Shenhua Energy Co. CSUAY -added 1.5% to support the market.
Among the laggards, Cathay Pacific Airways Ltd. CPCAY dropped 1.5%. Also among those declining, shares of Sun Hung Kai Properties Ltd. SUHJY dropped 0.7% after the property major’s co-chairmen were formally charged Friday in a bribery case. Shares of ZTE Corp. ZTCOF dropped 16% after the company warned late Friday of a 60%-80% drop in earnings for the January-June period.
China’s Shanghai Composite fell 0.2% to 2,181.89.