HONG KONG: Hong Kong stocks edged lower Wednesday morning, with the Hang Seng Index HSI, -0.20% down 0.3%, though the Hang Seng China Enterprises Index, or the H-shares index HSCEI, +0.47% inched 0.1% higher. Energy stocks suffered broad-based declines after international crude-oil futures dropped sharply: Cnooc Ltd. 0883, -1.13% CEO, -0.82% fell 1.3%, Sinopec Shanghai Petrochemical Co. 0338, -0.75% 600688, +0.59% lost 1.2%, Kunlun Energy Co. 0135, -3.39% KUNUF, +4.42% sagged 1.1%, PetroChina Co. 0857, -0.10% 601857, +1.15% PTR, +0.49% dropped 0.7%, and China Petroleum & Chemical Corp., or Sinopec, 0386, -0.14% SNP, +0.23% shed 0.4%. However, airlines advanced across the broad in anticipation of lower fuel costs, as China Southern Airlines Co. 1055, +3.48% ZNH, +2.16% 600029, +5.91% jumped 3.2%, China Eastern Airlines Corp. 0670, +3.47% CHEAF, +4.17% 600115, +5.19% climbd 2.2%, Air China Ltd. 0753, +1.22% AIRYY, +3.89% 601111, +3.40% gained 1.3%, and Cathay Pacific Airways Ltd. 0293, +0.51% CPCAY, +0.31% added 0.6%. Major Chinese banks also rose, with China Merchants Bank Co. 3968, +1.77% CIHHF, -4.03% 600036, +1.87% leading gains with a 2% advance. Among other market movers, online major Tencent Holdings Ltd. 0700, -1.49% TCEHY, -0.60% pulled back by 0.6%, and telecoms giant China Mobile Ltd. 0941, -0.86% CHL, +0.64% gave up 0.3%. New China Life Insurance Co. 1336, -0.19% declined 2% after reports said some institutional investors had sold more than 30 million shares of the company for $221 million. On the mainland, the Shanghai Composite Index SHCOMP, +1.33% extended its gains, rising 0.6% after rallying 3.1% a day earlier.
