MW: Hong Kong shares rise, helped by real-estate stock
By Michael Kitchen
LOS ANGELES (MarketWatch) -- Hong Kong stocks gained in early Tuesday trading, clawing back losses from the previous session with property shares recovering ground and telecoms also firmer. In the early minutes of trading, the benchmark Hang Seng Index was up 0.4% to 21,558.3, while the mainland-China-focused Hang Seng China Enterprises Index also gained 0.4% to hit 12,713.7. Real-estate developer Hang Lung Group Ltd. (HK:101 29.45, +0.25, +0.86%) (HLPPF 3.68, +0.00, +0.07%) added 1% to its share value, while Cheung Kong Holdings Ltd. (HK:1 98.45, +1.55, +1.60%) (CHEUF 12.45, +0.15, +1.22%) was up 0.9%, helped by news that tycoon Li Ka-shing had slightly raised his stake in the company. Li's share buy in Hutchison Whampoa Ltd. (HK:13 50.85, +1.20, +2.42%) (HUWHF 6.40, -0.18, -2.74%) to bring his holdings to 51.7% also helped those shares, which rose 1.4%. Fellow telecom China Unicom Ltd. (HK:762 10.04, +0.08, +0.80%) (CHU 12.90, +0.39, +3.12%) gained 0.8%. Over on the mainland, the Shanghai Composite was trading up 0.3% at 3,199.26.
