Chinese stocks listed in Hong Kong
headed for their biggest monthly gain since November as automakers led
the advance. Kingsoft Corp. dropped after its equity rating was cut by
at least three brokerages.
 Dongfeng Motor Group Co. rose 1.9
percent after JPMorgan Chase & Co. said it’s much less bearish on
carmakers. Belle International Holdings Ltd., a ladies footwear
retailer, rebounded 2.3 percent after dropping 5.3 percent the past two
days. Kingsoft tumbled 11 percent after China International Capital
Corp. was among those that downgraded the software maker’s shares.
Shandong Gold Mining Co. slid for a fourth day in Shanghai as bullion
prices touched the lowest since February.
The Hang Seng China Enterprises Index,
also known as the H-share index, rose 0.6 percent to 10,254.70 as of
1:05 p.m. in Hong Kong, headed for a 4.9 percent monthly advance. The
city’s benchmark Hang Seng Index climbed 0.4 percent to 23,166.43. The
Shanghai Composite Index was little changed at 2,049.54 as more than two
shares slid for each that rose.
The H-shares index pared its yearly
loss to 5.7 percent through yesterday amid speculation the government
would prop up the slowing economy.
The gauge traded at 7.1 times
estimated earnings at the last close, compared with 10.7 on the Hang
Seng Index and 16.2 on the Standard & Poor’s 500 Index. Tomorrow is
the last trading day this month before a three-day weekend.
Source : Bloomberg
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