LOS ANGELES: Hong Kong stocks edged weaker in early Monday trade, tracking a broad fall for Asian stocks among jitters over a possible Greek exit from the eurozone after an anti-austerity party won elections there.
Hong Kong’s Hang Seng Index HSI, -0.12% was down 0.1% in early moves, despite showing a gain in premarket quotes, while the Shanghai Composite Index SHCOMP, +0.12% was flat. Among the Hong Kong names, the top-weighted Hang Seng Index component HSBC Holdings PLC 0005, -0.55% HBSC HSBA, +0.73% was down 1.1% after Greece issued early projections for its election showing leftist party Syriza likely to form the next government, raising the possibility of a fresh crisis in the eurozone. Further weakness for crude oil helped push PetroChina Co. 0857, -1.91% 601857, -0.62% PTR, +0.67% down 1.5% and Cnooc Ltd. 0883, -1.87% CEO, -0.63% down 1.1%, while Zijin Mining Group Co. 2899, -1.53% ZIJMF, +2.94% lost 2.3% as gold traded below its Friday levels. On the upside, Tencent Holdings Ltd. 0700, +2.79% TCEHY, -0.06% gained 1.9%, while Hang Lung Properties Ltd. 0101, +0.00% HLPPF, -3.87% — set to report earnings later in the day — added 0.5%. Outside the Hang Seng Index, Standard Chartered PLC 2888, -1.71% STAN, -0.18% fell 2.7% as the Financial Times said the bank was seeking to replace Chief Executive Peter Sands, but shares of Prada SpA 1913, +0.83% PRDSY, +0.00% rose 1.2% as HSBC raised its rating on the stock to overweight.
