Hong Kong stocks moved between small gains and losses early Friday, while Shanghai shares nosed a little higher, with earnings results front and center in both markets. Hong Kong's Hang Seng Index [s; HK:HSI] was down 0.1% about 5 minutes into trading, after the benchmark fell 0.7% a day earlier, while the Shanghai Composite improved by 0.2%. Among those names with fresh earnings out, Aluminum Corp. of China Ltd. (a.k.a Chalco) plunged 5.5% in Hong Kong on a widened loss for the January-June period, while slowing profit gains at China's largest lender, Industrial & Commercial Bank of China Ltd. , sent its shares down a more modest 0.6%. In the energy sector, PetroChina Co. retreated 0.9% as its 4% profit gain disappointed the markets, but smaller rival Cnooc Ltd. rallied 2.4% despite a decline in first-half earnings. China Citic Bank Corp.'s results translated into a 1.4% pullback for its shares, but over in Shanghai, shares of Citic Securities Co. rose 0.5% as first-half profit almost doubled. Rounding out the earnings parade, brewer Tsingtao Brewery Co. advanced 0.8% following its report.

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