Casino Shares Lead Hong Kong Stocks Higher

Hong Kong stocks rebounded in early hours on Friday, with casino shares leading gains. The Hang Seng Index advanced 0.8%. Macau casino operator Sands China Ltd. soared 5.3%, after the company said its third-quarter net profit increased 4% from a year ago, slightly ahead of market expectations. Rival Wynn Macau Ltd. surged 4.8%, Galaxy Entertainment Group Ltd. spiked 4.5%, Melco Crown Entertainment Ltd. leapt 4%, MGM China Holdings Ltd. jumped 3.8%, and SJM Holdings Ltd. climbed 3.2%. AIA Group Ltd. swung between gains and losses, despite that the insurance company posted a 23% jump in the value of its new business for the third quarter. Shares of AIA dropped 0.5%. Among other market movers, telecom giant China Mobile Ltd. advanced 1%, online major Tencent Holdings Ltd. rose 0.6%, and Industrial and Commercial Bank of China Ltd. , the country's largest bank by assets, added 0.4%. Over on the mainland, the Shanghai Composite Index fell 0.5%.