Hong Kong stocks swung between gains and losses amid concern corporate earnings are worsening and before a report today forecast to show the U.S. economy grew at a faster pace.

The Hang Seng Index dropped 0.1 percent to 19,798.90 as of 9:44 a.m. in Hong Kong. The Hang Seng China Enterprises Index (HSCEI) of mainland companies listed in Hong Kong was little changed at 9,515.12.

The Hang Seng Index was little changed this month through yesterday as investors awaited indications on whether policy makers will act to counter a slowdown in the global economy. It rose the last two months. Shares traded at an average 10.5 times estimated earnings, compared with 9.4 for China’s Shanghai Composite Index and 13.7 for the Standard & Poor’s 500 Index.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net