HONG KONG: Hong Kong shares fluctuated Tuesday morning as gains by mainland companies on upbeat Chinese factory data were tempered by caution ahead of the U.S. Federal Reserve’s interest rate decision.
The Hang Seng Index was up less than 0.1% to 23,842.39 at midday after changing direction at least six times. China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC) each rose at least 1.2%. PetroChina and China Petroleum & Chemical (Sinopec), which had gained on Monday, declined as U.S. crude prices fell for a sixth day overnight.
Want Want China Holdings was among the top losers, dropping 1.6% to HK$5.07. During the break, the snack maker reported a 4% increase in 2016 net profit, but said revenue slipped 7%. The Hang Seng China Enterprises Index was up 0.5%. The Shanghai Composite rose 0.1%.
