HK Seesaws, with China banks down

Hong Kong shares moved in a range around break-even early Friday, with mainland Chinese banks broadly weak on concerns about monetary tightening by China. But commodity stocks traded generally higher despite a slip in some resource prices. The Hang Seng Index fell 0.1 percent to 21,306.34, and the Hang Seng China Enterprises Index lost 0.2 percent to 12,190.94, after opening higher. Industrial and Commercial Bank of China and China Merchants Bank Co. shed 0.5 percent each, though Bank of Communications Co. rose 0.1 percent, aided by a Citigroup upgrade to buy. China Overseas Land & Investment Ltd fell 1.4 percent, despite reporting strong growth in 2009 profit, as investors worried about this year’s prospects. China’s Shanghai Composite was flat at 3,046.53.

http://www.foxbusiness.com/story/hong-kong-seesaws-china-banks/

 

Category: China