Hong Kong Stocks Add To Gains After China Data

MarketWatch Pulse

Hong Kong stocks widened their opening gains Monday morning after data showed China's foreign direct investment surged in January. The Hang Seng Index rose 0.2%, extending recent advances, including a 1.1% improvement on Friday. Among the notable movers, Chinese online major Tencent Holdings Ltd. advanced 1.3%, after Didi Dache -- a leading taxi-hailing app in which Tencent owns a stake -- announced Saturday it would merge with rival Kuaidi Dache, in which Alibaba Group Holding Ltd. has invested, to create a new company, with a more-than-90% market share. Chinese online-game developer Boyaa Interactive International Ltd. added 0.7% on plans to sell its stake in unlisted mobile-game operator Blingstorm Entertainment Ltd. to the Shenzhen-listed Ourpalm Co. for more than 80 million yuan ($13 million). Sino-British banking giant HSBC Holdings PLC tried to stay above water following a two-session rebound, trading up just 0.1% after its Indian banking unit was hit with allegations of tax evasion. Meanwhile, most Chinese banks retreated: China Merchants Bank Co. fell 1.3% after posting a more-than-8% rise in its 2014 net profit. China Minsheng Banking Corp. lost 0.8% after saying it plans to join in a $1.5 billion investment in developing a London financial district. Agricultural Bank of China Ltd. and China Citic Bank Corp. dropped 0.5% each, and Bank of China Ltd. slipped 0.2%. Over on the mainland, the Shanghai Composite Index was quoted just fractionally higher.

Copyright © 2015 MarketWatch, Inc.

Continue Reading Below