HONG KONG: Hong Kong stocks swung between small gains and losses Tuesday morning, following a previous advance triggered by the Chinese central bank’s interest-rate cut over the weekend, as investors cautiously awaited key policy announcements from the annual meeting of the nation’s top legislative and consultative bodies.
The Hang Seng Index HSI, -0.05% was flat about half an hour into trade, while the Shanghai Composite Index SHCOMP, -1.11% declined 1.4%. Chinese banks and property shares retreated broadly, as China Minsheng Banking Corp. 1988, -2.14% 600016, -2.06% CMAKY, +0.34% dropped 1.8%, China Merchants Bank Co. 3968, -1.90% CIHHF, +7.37% 600036, -2.33% shed 1.1%, Bank of Communications Co. 3328, -1.63% BKFCF, -3.61% 601328, -2.30% lost 0.9%, and Bank of China Ltd. 3988, -1.11% BACHY, +0.42% 601988, -2.19% fell 0.7%. Leading property developers China Vanke Co. 2202, -2.03% and Poly Property Group Co. 0119, -3.17% PHKIY, +0.00% retreated 1.6% each, and Hang Seng Index components China Overseas Land & Investment Ltd. 0688, -1.26% CAOVF, -0.33% and China Resources Land Ltd. 1109, -0.24% CRBJF, -1.15% dropped 0.6% and 0.5%, respectively. However, Macau gaming shares bounced back after recent heavy losses, as MGM China Holdings Ltd. 2282, +4.80% MCHVF, +0.22% jumped 2.6%, Sands China Ltd. 1928, +2.83% climbed 2.1%, Galaxy Entertainment Group Ltd. 0027, +2.42% GXYEF, +0.32% advanced 2%, Wynn Macau Ltd. 1128, +3.39% WYNMF, +2.32% rose 1.9%, and Melco Crown Entertainment Ltd. 6883, +1.36% MPEL, +0.84% added 0.9%. Oil stocks were broadly weak on the back of falling international crude prices: PetroChina Co. 0857, -1.79% 601857, -2.74% PTR, -1.20% gave up 1.5%, Cnooc Ltd. 0883, -0.89% CEO, -0.66% pulled back 1.1%, and China Petroleum & Chemical Corp. (Sinopec) 0386, -1.23% SNP, -0.67% moved 0.6% lower. Infrastructure plays also declined, with China Railway Construction Corp. 1186, -0.85% 601186, -2.07% CWYCF, -5.79% down 2.2%, and China Communications Construction Co. 1800, -0.97% off 0.5%.
