Hong Kong stocks opened higher on Monday, poised to rise for a third day in a row, tracking gains in the U.S. on Friday last week. The Hang Seng Index advanced 1.1%, with the Hang Seng China Enterprises index up 1.9%. Banks posted broad-based gains, as China Minsheng Banking Corp., Ltd. climbed 2.4%, China Merchants Bank Co., Ltd. added 1.7%, Bank of China Ltd. rose 1.4%, Industrial and Commercial Bank of China Ltd. tacked on 1.1%, and Sino-British banking giant HSBC Holdings plc snagged a 1% gain. Oil stocks shined, after international crude prices rallied on Friday last week. Cnooc Ltd. spiked 3%, PetroChina Co. Ltd. jumped 2.2%, and China Petroleum & Chemical Corporation improved by 2.1%. However, several major Chinese developers were weak, with China Overseas Land & Investment Ltd. falling 0.9%, Poly Property Group Co. Ltd. dropping 0.7%, and Evergrande Real Estate Group Ltd. off 0.3%. Over on the mainland, the Shanghai Composite Index moved up 1.3%.
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