Bloomberg News

Hong Kong Stocks Swing From Gains, Losses; Shenzhen Jumps

January 22, 2013

Hong Kong stocks swung between gains and losses, with the benchmark index trading near a 19-month high, before the release of a Chinese manufacturing gauge tomorrow. Shenzhen Investment Ltd. (604) headed for its biggest gain since 2008 on plans to buy land in the city.

Shenzhen jumped 19 percent as it pursues a 4.15 billion yuan land purchase ($667 million) for mixed-use projects. Cosco Pacific Ltd. (1199) gained 3.2 percent on a report it’s raising rates to Europe. Comtec Solar Systems Group Ltd. dropped 3.7 percent on plans to sell 120 million shares.

The Hang Seng Index was little changed at 23,655.68 as of 10:06 a.m. in Hong Kong after rising as much as 0.2 percent. The gauge closed at its highest since May 2011 yesterday. Volume was 25 percent below the 30-day average today. The Hang Seng China Enterprises Index (HSCEI) of mainland companies fell 0.1 percent to 12,185.17.

The benchmark Hang Seng Index (HSI) has gained 4.4 percent this month amid optimism China’s economic slowdown has bottomed. The measure traded at 11.5 times estimated earnings yesterday, compared with 13.5 for the Standard & Poor’s 500 Index and 12.1 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.

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


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