HONG KONG: Hong Kong stocks bounced between small gains and losses Thursday morning, taking cues from weaker U.S. markets and mixed corporate earnings reports. The Hang Seng Index HSI, +0.14% erased opening losses and nudged higher by less than 0.1%, with the mainland-China-tracking Hang Seng China Enterprises off 0.3%. Bank of China Ltd. 3988, -0.46% BACHY, -1.05% 601988, +0.70% fell 0.7%, as its nonperforming loans jumped more than 30% last year and its bad-loan ratio rose to 1.18% from 0.96% a year ago, although it posted an 8% increase in profit. Most other mainland Chinese banks also declined, with China Merchants Bank Co. 3968, +0.00% CIHHF, +7.44% 600036, +0.92% shedding 1%, China Citic Bank Corp. 0998, -0.35% CHBJF, +0.00% 601998, +0.97% down 0.9%, China Minsheng Banking Corp. 1988, +0.00% 600016, +0.64% CMAKY, -2.83% off 0.7%, and China Construction Bank Corp. 0939, -0.16% CICHF, -5.87% 601939, +0.84% lower by 0.5%. Aluminum producer Aluminum Corporation of China Ltd., also known as Chalco 2600, +0.28% ACH, -1.61% 601600, +2.07% lost 1.1% after the company said it swung to a loss of 16 billion yuan ($2.6 billion) last year. Other miners also recorded substantial losses, as Jiangxi Copper Co. 0358, -1.18% JIXAY, +0.96% 600362, -2.02% and Xingye Copper Interntaional Group Ltd. 0505, -1.59% each retreated 1.6%, Zijin Mining Group Co. 2899, -1.29% ZIJMF, +5.00% dropped 1.3%, and in Shanghai, Western Mining Co. 601168, -0.60% traded 0.5% lower. However, leading dairy-product maker China Mengniu Dairy Co. 2319, +7.23% CIADF, +1.09% a component of the Hang Seng Index, surged 6.7% after its earnings climbed more than 40% for last year. Over on the Chinese mainland, the Shanghai Composite Index SHCOMP, +0.33% recovered 0.2%.
Pakistan to get $3b loan from Islamic Trade Financing Corporation
ISLAMABAD: Islamic Trade Financing Corporation (ITFC) to provide Pakistan with a $3 billion loan, according to an official statement released...
