HONG KONG: Mainland Chinese stocks traded in Hong Kong fluctuated after tumbling the most in almost three weeks on Monday. State-owned PetroChina Co. led gains.
The Hang Seng China Enterprises Index climbed 0.2 percent to 11,249.54 as of 1:07 p.m. in Hong Kong, after falling as much as 1.9 percent. Hong Kong’s benchmark Hang Seng Index gained 1.2 percent to 24,653.74 on volume 38 percent higher than the 30-day intraday average. The Shanghai Composite Index dropped 1.2 percent.
PetroChina rose 3.8 percent after falling 4.7 percent on Monday. Great Wall Motor Co. climbed 3.1 percent after its preliminary first-half profit jumped. Guangzhou Automobile Group Co. gained 2.9 percent, while Haitong Securities Co. advanced 2.6 percent after tumbling 11 percent yesterday.
“We’re seeing a technical rebound,” said Linus Yip, a Hong Kong-based strategist at First Shanghai Securities Ltd. “There may be some bargain hunting, taking example from early July when there was panic selling in Hong Kong and the market rebounded the next three days.”
The gauge of H shares had rebounded 8.1 percent in three days from a July 8 low as Chinese policy makers took unprecedented steps to end a $4 trillion stock slump. The sense of calm fostered by the measures was shattered Monday as the Shanghai Composite Index plunged 8.5 percent for its steepest fall in eight years. The mainland measure swung between gains and losses Tuesday after earlier falling as much as 5.1 percent.
