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Hong Kong Stocks Rise Modestly; ICBC Drops

Hong Kong stocks rose modestly early Monday as property developers extended gains, although caution ahead of the Federal Reserve's monetary-policy meeting later this week and a sharp fall in shares of Industrial & Commercial Bank of China Ltd. capped gains. The Hang Seng Index gained 0.3% to 21,041.26 and the Hang Seng China Enterprises Index added 0.3% to 9,694.87. Shares of China Resources Land Ltd. gained 2.8% and Cheung Kong Holdings Ltd. rose 2.3% among the gainers. Shares of several Chinese financial firms advanced, following news that Central Huijin Investment Ltd., a key state-owned shareholder in major Chinese banks and financial firms, has increased its stakes in China Everbright Bank Ltd. and New China Life Insurance Co. New China Life shares gained 1.9% in Hong Kong, while China Everbright Bank shares climbed 2.1% in Shanghai. On the downside, the Hong Kong-listed shares of ICBC tumbled 5.9% as they began trading without rights to a dividend. China's Shanghai Composite , wh...

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