Hong Kong Stocks Seesaw After Weak U.S. Lead

MarketWatch Pulse

Hong Kong stocks seesawed between small gains and losses Wednesday morning after overnight losses on Wall Street. The Hang Seng Index inched up 0.1%. Oil stocks posted solid gains after recent losses, as international crude prices bounced back. Offshore oil producer Cnooc Ltd. jumped 3.1%, state-owned energy giant PetroChina Co. Ltd. rose 1.7%, China Petroleum & Chemical Corporation gained 1.5%, and Kunlun Energy Co. Ltd. traded up 0.9%. However, airlines retreated, with Air China Ltd. dropping 2.3%, and China Eastern Airlines Corporation Ltd. declining 1.5%. Meanwhile, major mainland Chinese banks mostly gained, with China Citic Bank Corporation Ltd. advancing 1.1%, China Minsheng Banking Corp., Ltd. up 0.5%, and Agricultural Bank of China Ltd. rising 0.2%. Sino-British banking giant HSBC Holdings plc also edged up 0.2%, while other Hong Kong-based lenders suffered losses. Chong Hing Bank Ltd. lost 2%, and BOC Hong Kong (Holdings) Ltd. fell 1%. Over on the mainland, the Shanghai Composite Index dipped 0.1%.

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