Hong Kong stocks rise, with financials strong

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Hong Kong stocks rise, with financials strong
from MarketWatch.com - MarketPulse
LOS ANGELES (MarketWatch) -- Hong Kong stocks moved higher in early Wednesday trade, with banks and insurers among the top performers. The Hang Seng Index rose 0.7% to 21,386.49. Mainland Chinese firms also gained, with Hong Kong's Hang Seng China Enterprises Index rising 1%, and the Shanghai Composite Index up 0.3%. Shares of HSBC Holdings PLC added 1.2%, with The Wall Street Journal reporting that the bank was in talks with China's sovereign-wealth fund to sell its shares in Ping An Insurance Group Co. . Reports of the pending deal had hit Ping An's shares in the previous session, but they rose 1.2% on Wednesday, with rival China Life Insurance Co. up 1.4%. China Minsheng Banking Corp. rose 0.8% after UOB KayHian raised its rating on the shares to buy from hold. Also rising, China Construction Bank Corp. improved by 1.2%, and Bank of China Ltd. added 1%. Meanwhile, shares of Angang Steel Co. jumped 4.6% after it said it was selling its interest in a Tianjin steel-mill firm for just under $190 million. On the downside, shares of Cnooc Ltd. lost 0.6%, weighed by an overnight drop in crude prices and a Bloomberg News report that the oil major had agreed to management and employment conditions set by the Canadian government as it negotiates for approval of its deal to buy Nexen Inc.