Hong Kong Stocks Gain After U.S. Record Highs

MarketWatch Pulse

Hong Kong stocks headed higher Tuesday morning, boosted by fresh record highs on Wall Street overnight. The Hang Seng Index rose 0.3%, heading for a fourth consecutive session of gains. The Hang Seng China Enterprises index gained 0.4%. Index heavyweight China Mobile Ltd. moved up 0.5%. Other mainland mobile carriers also advanced, with China Telecom Corp. Ltd. adding 0.9%, and China Unicom (Hong Kong) Ltd. up 0.4%. Among other market heavyweights, Chinese online major Tencent Holdings Ltd. improved by 0.7%, Asian life insurer AIA Group Ltd. tacked on 0.6%, and Sino-British banking giant HSBC Holdings plc zoomed 0.4% higher. However, Chinese energy stocks were under pressure, after international crude prices fell again. PetroChina Co. Ltd. declined 1%, Cnooc Ltd. fell 0.9%, and Kunlun Energy Co. Ltd. dropped 0.8%. Refiner China Petroleum & Chemical Corporation, or Sinopec , edged down 0.2%. Chinese insurers also posted broad-based declines, with People's Insurance Company (Group) of China Ltd. leading the losses with a 1.4% fall. Over on the mainland, the Shanghai Composite Index retreated 1.4%. Elsewhere in Asia, Sydney's S&P/ASX 200 lost 0.6%. Japan markets were closed on Tuesday for the Emperor's Birthday holiday.

Copyright © 2014 MarketWatch, Inc.

Continue Reading Below