MW:Hong Kong stocks get lift from banks, oil shares
By V. Phani Kumar
HONG KONG (MarketWatch) -- Hong Kong shares climbed early Monday, with heavyweight stock HSBC Holdings PLC leading banks higher amid optimism about the global economy and as energy producers rose on an increase in oil prices. The Hang Seng Index HK:HSI +0.30% rose 0.4% to 21,406.18 and the Hang Seng China Enterpises Index added 0.3% to 11,250.96. HSBC HBC +0.31% HK:5 +2.00% added 1.7% and China Construction Bank Corp. HK:939 -0.48% CICHY +0.56% rose 0.8% ahead of its earnings report later in the week. Cnooc Ltd. CEO -0.26% HK:883 +2.39% climbed 1.6% and PetroChina Co. PTR -0.15% HK:857 +0.70% rose 1.1% on higher Nymex oil prices. Their gains offset a 3.2% tumble in shares of Aluminum Corp. of China Ltd. ACH +1.34% HK:2600 -3.20% after the company posted a steep fall in 2011 profits. But United Co. Rusal PLC HK:486 +2.30% climbed 2.5% despite a tumble in its 2011 profits, on bargain buying after steep recent losses.
