HONG KONG: Hong Kong stocks inverted opening gains and headed down on Friday morning, after a senior official from the People’s Bank of China said the latest reserve-ratio cut by the central bank “is not the start of strong stimulus”, according to state media reports in the previous day.
The Hang Seng Index HSI, -0.28% retreated 0.3%, while the Shanghai Composite Index SHCOMP, -1.14% fell 0.9%, looking possibly to extend a three-day losing streak.Mainland Chinese banks were mixed, as Bank of China Ltd. 3988, -0.91% BACHY, +0.14% declined 1.1%, China Citic Bank Corporation Ltd. 0998, -1.21% CHCJY, +3.75% lost 0.7%, China Construction Bank Corporation 0939, -1.10% CICHF, +1.44% dropped 0.6%, while China Minsheng Banking Corp., Ltd. 1988, +1.69% CMAKY, +2.23% advanced 0.8%, and Bank of Communications Co., Ltd. 3328, -0.15% BKFCF, +16.90% rose 0.6%. Among other market movers, telecoms giant China Mobile Ltd. 0941, -1.66% CHL, +1.85% gave up 1%, mainland developer China Overseas Land & Investment Ltd. 0688, -2.95% CAOVF, -2.89% pulled back 0.8%, while rival China Resources Land Ltd. 1109, +0.49% tacked on 1.5%. Major oil producers Cnooc Ltd. 0883, +1.10% and PetroChina Co. Ltd. 0857, -0.47% added 0.7% and 0.6% each, as global crude prices posted a strong rebound.
