Hong Kong Shares Up Before Gambling Revenue Data
BEIJING (Reuters) - Hong Kong shares edged up on Monday as a selloff in energy and manufacturing heavyweights on disappointing earnings was offset by strength in gaming stocks before the release of monthly Macau gambling revenue figures.
Mainland China shares were little changed as some recent gainers were hit by profit-taking but strength in energy shares supported the index.
At midday, the Hang Seng Index was up 0.3 percent at 22,127.25 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong was up 0.4 percent.
The CSI300 of the biggest Shanghai and Shenzhen A-share listings was up 0.2 percent, while the Shanghai Composite Index inched up 0.1 percent.
In Hong Kong, Zoomlion Heavy Industry Science and Technology Co Ltd tumbled 6.9 percent after the construction equipment maker reported a 48 percent drop in 2013 earnings due to weak market demand.
CNOOC Ltd slid 5 percent after China's top offshore oil producer missed analysts' forecasts with an 11 percent drop in 2013 net profit.
But casinos jumped, with Galaxy Entertainment Group Ltd up 2.9 percent and Sands China Ltd up 2.5 percent.
"Speculators are buying Macau gaming stocks on the hope that the data will be good, and will sell them after the data is issued," said Jackson Wong, Tanrich Securities vice president for equity sales in Hong Kong.
Shandong Weigao Group Medical Polymer Co Ltd climbed 8.2 percent, reversing losses made after the company on Thursday released disappointing earnings.
On the mainland exchanges, shares in companies with connections to the Shanghai free trade zone dived, with Shanghai Oriental Pearl (Group) dropping 10 percent, its daily limit, and Shanghai New World Co declining 6.5 percent.
These shares had jumped in previous sessions after mainland media reported that officials would further relax investment restrictions on foreign investment in the zone.
Shanghai Jinfeng Investment slumped 8.8 percent as investors took profits after a seven-day winning streak following news that property developer Greenland Group will inject 65.5 billion yuan ($10.60 billion) of assets into Jinfeng in a backdoor listing.
Energy shares jumped after news reports that the Shanghai Futures Exchange and China Electricity Council plan to launch power futures, with SDIC Power Holding Co gaining 5.3 percent and Guangzhou Hongli OPTO-Electronic Co jumping 9.3 percent.
