Hong
Kong stocks swung between gains and losses, after the benchmark index
capped a three-week advance, as developers slid and energy producers
climbed.
The
Hang Seng Index was little changed at 23,011.14 as of 9:34 a.m. in Hong
Kong after rising as much as 0.2 percent and sliding 0.4 percent. The
gauge gained 2.2 percent last week after China said it would allow
cross-border equity trading. The Hang Seng China Enterprises Index, also
known as the H-share index, added 0.2 percent to 10,246.03
The
Hang Seng Index is down 1.3 percent this year as China weathers its
worst economic slowdown since the global financial crisis. The gauge
traded at 10.5 times estimated earnings on April 11, compared with 15.5
times for the Standard & Poor™s 500 Index. The H-share gauge has
rebounded 11 percent through last week since entering a bear market on
March 20.
China™s
economy is growing at an acceptable pace, central bank Deputy Governor
Yi Gang said in an interview with Bloomberg News in Washington, adding
to signals policy makers will avoid broad stimulus to counter the
slowdown. The nation will this week release data including first-quarter
gross domestic product and industrial production.
Source : Bloomberg
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