Tencent Leads Hong Kong Stocks Higher Before Earnings

MarketWatch Pulse

Hong Kong stocks rose in early trading on Wednesday, mainly led by gains in the index's second largest component Tencent Holdings. The Hang Seng Index added 0.9%, with Tencent climbing 2% ahead of its annual results due after markets close on Wednesday. Major insurer Ping An Insurance Group Co. and telecoms giant China Mobile Ltd. both moved up 1%, with both companies scheduled to release earnings Thursday. Several mainland Chinese airlines recorded gains on hopes for lower fuel costs after international crude prices declined for a sixth straight day overnight in New York. Air China Ltd. improved by 1%, China Southern Airlines Co. Ltd. tacked on 0.9%, and China Eastern Airlines Corp. Ltd. edged up 0.2%. Among other market movers, Sino-British banking giant HSBC plc advanced 1.1%, and Chian Construction Bank Corporation gained 0.6%. However, Macau casino operator Wynn Macau declined 4.8%, rivals Galaxy Entertainment Group Ltd. and Sands China dropped 0.6% and 0.5% each, after several investment banks expected Macau's gambling revenues to fall further in March. Over on the mainland, the Shanghai Composite Index added to recent gains and headed 0.7% higher.

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