Hong Kong stocks higher in early trade, Hang Seng advances 0.3%

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HONG KONG:  Hong Kong stocks bounced modestly higher Friday morning following a mild retreat in the previous day, though the Shanghai market pulled back from its latest seven-year closing high. The Hang Seng Index HSI, -0.69% advanced 0.3%, while the Shanghai Composite Index SHCOMP, -1.76% retreated by 0.8%. In Hong Kong, energy shares gained, after benchmark crude-oil futures settled at their highest levels of the year. Cnooc Ltd. 0883, +0.93% CEO, +0.27% advanced 2%, PetroChina Co. 0857, -0.60% 601857, +1.20% PTR, -0.10% added 1.4%, Kunlun Energy Co. 0135, -1.22% KUNUF, -0.79% rose 0.6%, and China Petroleum & Chemical Corp. (Sinopec) 0386, +0.14% SNP, +0.49% moved up by 0.3%. Sinopec Shanghai Petrochemical Co. 0338, +6.65% a Shanghai-based subsidiary of Sinopec, rallied 3.7% after the company said it swung to profit in the first quarter of this year. Among other energy plays, China Gas Holdings Ltd. 0384, -0.70% CGHOF, +4.56% tacked on 1.3%, and China Oilfield Services Ltd. 2882, +11.11% 601808, -1.31% CHOLY, +1.82% traded 0.5% higher. Some of the financials appeared to fall victim to a second day of profit-taking after recently strong gains, with China Merchants Bank Co. 3968, -2.32% CIHHF, +4.38% 600036, -3.80% down 1.3%, Industrial & Commercial Bank of China Ltd. 1398, -2.35% IDCBF, -0.56% 601398, -3.10% down 0.4%, Haitong Securities Co. 6837, -4.39% 600837, -5.00% down 2.7% and Ping An Insurance Group Co. 2318, -3.48% PNGAY, -3.27% 601318, -4.63% off 1.1%. Telecoms operator China Unicom Hong Kong Ltd. 0762, +2.07% CHU, +1.59% snagged a 2.1% gain after its first-quarter earnings dropped a smaller-than-expected 4.2%. Bigger rival China Mobile Ltd. 0941, +0.26% CHL, +0.00% also improved by 1.1%, while China Telecom Corp. 0728, +0.35% CHA, -1.04% gave up 0.5%. Great Wall Motor Co. 2333, -3.17% pulled back by 1.3% following a preivous 5.4% jump, triggered by a German magazine report that the auto maker was in talks with Germany’s Volkswagen AG VOW, +0.29% for coopoeration on a new budget car model and a possible investment from Volkswagen. Other auto makers advanced, however, with Guangzhou Automobile Group Co. 2238, -1.51% rising 1.5%, Brilliance China Automotive Holdings Ltd. 1114, -0.80% BCAUF, -7.39% up 1.1%, and Geely Automobile Holdings Ltd. 0175, -1.60% GELYF, +3.32% higher by 0.9%.