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Tuesday, November 24, 2009
Chinese Banks Cap Gains In Hong Kong, Shanghai
By V. Phani Kumar
MarketWatch Pulse
HONG KONG -- Hong Kong shares climbed early Wednesday, as property developers and local banks staged a rebound following a decline in the previous session. But Chinese lenders' stocks in Hong Kong and Shanghai remained under pressure amid concerns over capital-raising issues, capping market gains. The Hang Seng Index rose 0.3% to 22,492.74, although the Hang Seng China Enterprises Index of top mainland companies fell 0.4% to 13,311.38. The Shanghai Composite rose 0.5% after toggling between gains and losses in volatile trade. Henderson Land Development Co. rose 1.5%, and heavyweight HSBC Holdings Plc. added 1% in Hong Kong. Among Chinese banks, Bank of China Ltd. fell 3.3% and China Construction Bank Corp. gave up 1% in Hong Kong, while in Shanghai BOC dropped 0.5% and CCB was flat.
Copyright © 2009 MarketWatch, Inc.
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