Hong Kong Stocks Extend Gains On U.S. Cues

Tracking overnight gains in the U.S., Hong Kong stocks rose further at the start of trading on Friday, with the Hang Seng Index up 1.3%. Over on the Chinese mainland, the Shanghai Composite Index slipped 0.2%. Banks posted broad-based gains, with index heavyweight HSBC Holdigns plc rising 1%. Among mainland Chinese banks, China Merchants Bank Co., Ltd. climbed 2.1%, Agricultural Bank of China Ltd. moved up 1.6%, and China Citic Bank Corporation Ltd. headed higher 1.2%. Tech stocks advanced, with online major Tencent Holdings Ltd. surging 4%. Online game developer Baioo Family Interactive Ltd. jumped 3.2%, software developer Kingsoft Corp. Ltd. gained 2.8%, and rival Kingdee International Software Group Co. Ltd. traded 0.9% higher. Energy names were mixed, as PetroChina Co. Ltd. declined 2.3%, Cnooc Ltd. dropped 0.4%, while China Petroleum & Chemical Corporation edged up 0.2%. Over on the Chinese mainland, the Shanghai Composite Index slipped 0.2%.