HONG KONG – Hong Kong stocks opened higher Thursday morning, recovering some ground following a two-day losing streak. Index heavyweight Tencent Holdings Ltd. added 0.6% after reports said the Internet company is working together with two other industry giants -- Baidu Inc. and Dalian Wanda Group -- to creat a jointly owned e-commerce firm which could compete against e-commerce giant Alibaba Group. Oil shares were mixed ahead of earnings, with Cnooc Ltd. up 0.7%, while PetroChina Co. slipped 0.4%. Dairy stocks were weaker, as China Mengniu Dairy Co. , one of the nation's largest dairy-product producers, lost 0.3% despite posting a 40% jump in its first-half net profit. China Modern Dairy Holdings Ltd , the country's largest dairy farmer, also declined 0.3%. Among other market movers, telecom major China Mobile Ltd. advanced 1.3%, while China Resources Land Ltd. [s:1109] headed 2.3% lower. Over on the Chinese mainland, the Shanghai Composite Index edged up 0.2%.
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