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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