HONG KONG: 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.
