Asia
Asia stocks rise; Nikkei Average rebounds
Japanese stocks make a strong recovery following recent losses,
while other markets are modestly higher as investors digest a set of
poor economic data from China.
Hong Kong stocks rise, with banks higher
LOS ANGELES (MarketWatch) -- Hong Kong stocks moved higher in early
Monday trade, rising past lackluster Chinese economic data released
over the weekend. The Hang Seng Index added 0.5% to 21,677.17, with the
Hang Seng China Enterprises Index up 0.4%, while mainland Chinese
bourses were closed until Thursday for a holiday. Financials were a
strong spot after robust U.S. share gains Friday on the back of a
better-than-expected May employment report. Industrial & Commercial
Bank of China Ltd. climbed 1.2%, China Construction Bank Corp. and
China Citic Bank Corp. rose 1.3% each, and Agricultural Bank of China
Ltd. traded 0.6% higher. The property sector was mixed, meanwhile, with
Sino Land Co. advancing 1.1%, but Hang Lung Properties Ltd. down
0.9%, and New World Development Co. dropping 0.5% after reports that
the firm has regulatory permission to spin off its hotel assets into a
trust. The broad advance came despite showing slowing growth in May
across much of the Chinese economy, including a much more meager rise
for exports than economists had forecast. Hong Kong's Monday gains came
after solid losses the previous week, with the Hang Seng Index falling
more than 3%.
