BEIJING: Chinese shares swung between gains and losses as mainland markets reopened following a weeklong holiday. Casino stocks plunged in Hong Kong on speculation revenue will continue to slump.
Utilities and energy companies gained, with PetroChina Co. rising 2.4 percent in Shanghai after the Wall Street Journal reported last week China may merge oil companies and Chinese manufacturing gauge rose in February. Financial companies slid as China Life Insurance Co. dropped 3.9 percent and Poly Real Estate Group Co. lost 2.4 percent. Galaxy Entertainment Group Co. and Sands China Ltd. sank at least 6 percent.
The Shanghai Composite Index added 0.1 percent to 3,251.26 at 1:40 p.m. local time, after falling as much as 0.7 percent. The manufacturing purchasing managers’ index for February from HSBC Holdings Plc and Markit Economics came in at 50.1, unexpectedly rising from 49.7 in January after economists projected a reading of 49.5. Readings below 50 signal contraction in the sector.
The CSI 300 Index lost 0.4 percent, while the Hang Seng China Enterprises Index rose 0.6 percent and the Hang Seng Index added 0.4 percent.
