MW: Hong Kong rebounds on resource, banking shares
By V. Phani Kumar
HONG KONG (MarketWatch) -- Hong Kong shares advanced early Friday on the back of overnight gains on Wall Street and after Chinese Premier Wen Jaibao confirmed that Beijing aims for 8% economic growth this year. The Hang Seng Index advanced 1% to 20,790.70, and the Hang Seng China Enterprises Index gained 1% to 11,893.31. Resource stocks paced the gains, with banks also rising a day after they were sold off on concerns about monetary tightening. Energy producer Cnooc Ltd. (HK:883 12.40, +0.24, +1.97%) (CEO 157.45, -0.70, -0.44%) rose 1.3% and Aluminum Corp. of China Ltd. (ACH 24.94, +0.02, +0.09%) (HK:2600 7.86, +0.14, +1.82%) added 2%, with Bank of China Ltd. (HK:3988 3.94, +0.05, +1.29%) (BACH.Y 12.78, -0.24, -1.84%) gaining 1.3%. Chinese shares rose in choppy trade, with the Shanghai Composite rising 0.3% to 3,033.67 after briefly dipping into the red.
