HONG KONG: Hong Kong stocks nudged higher in seesaw trading on Friday morning, after suffering sharp losses on Thursday, triggered by a reported move by China Central Huijin Investment Ltd., a unit of China’s sovereign-wealth fund. The Hang Seng Index HSI, +0.32% drifted higher by 0.1%, while the mainland-China-tracking Hang Seng China Enterprises HSCEI, -0.28% fell 0.4%. On the mainland itself, Shanghai shares extended losses following a previous heavy sell-off. The Shanghai Composite Index SHCOMP, -2.43% lost 0.6%. China Central Huijin confirmed in a statement late on Thursday that the company had recently sold some mainland-listed shares and Exchange Traded Funds (ETF) in China’s four biggest state-owned banks and other listed financial institutions. Major state-owned Chinese banks remained weak in Hong Kong, as Agricultural Bank of China Ltd. 1288, -1.42% ACGBF, -1.82% 601288, -1.34% sagged 1.7%, Bank of China Ltd. 3988, -0.58% BACHY, -4.80% 601988, -1.79% shed 0.6%, China Construction Bank Corporation 0939, +0.52% CICHF, -0.98% 601939, -1.52% fell 0.5%, and Industrial and Commercial Bank of China Ltd. 1398, +0.15% IDCBF, -2.25% 601398, -1.54% traded 0.3% lower. Brokerage firms were mixed after heavy losses in the previous day. China Everbright Ltd. 0165, -0.48% pulled back 1.4%, Citic Securities 6030, -1.21% gave up 1.2%, while Guotai Junan International Holdings Ltd. 1788, +3.31% advanced 2.3%, and Haitong Securities Co. Ltd. 6837, -0.41% recovered 0.8%.
