Hong Kong Stocks Seesaw On U.S. Losses, Easing Protests

MarketWatch Pulse

Hong Kong stocks seesawed early Tuesday morning following a rally the previous day, with Wall Street losses overnight weighing on the market, but sentiment helped as as pro-democracy protesters in the territory continued to shrink in number, with several primary schools on Hong Kong Island resuming classes. The Hang Seng Index edged up 0.1%, as banks and property developers with strong exposure to territory were mixed. Standard Chartered PLC advanced 1.2%, Chong Hing Bank Ltd. rose 1.1%, Hang Seng Bank Ltd. added 0.6%, developer New World Development Co. improved by 1.1% and Cheung Kong Holdings Ltd. traded 0.8% higher, while Sino-British banking giant HSBC Holdings PLC dipped 0.1%, Hang Lung Properties Ltd. moved down 1.1%, and Henderson Land Development Co. traded off 1%. Most Hong Kong retailers continued their recovery, with jeweler Luk Fook Holdings International Ltd. climbing 2.9%, rival Chow Sang Sang Holdings International Ltd. rising 0.6%, while clothing retailer Esprit Holdings Ltd. pulled back 0.2%. Casino stocks fell after solid gains in the previous day, with MGM China Holdings Ltd. declining 2.8%, Wynn Macau Ltd. falling 1.5%, SJM Holdings Ltd. dropping 1.3%, and Galaxy Entertainment Group Ltd. giving up 0.8%. Stock in Fosun International Ltd. climbed 2.6% after French travel company Club M�diterran� said its board supported an improved takeover bid by a group of investors led by Fosun. Over on the Chinese mainland, markets were still closed for the National Day holidays but were due to reopen Wednesday.

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